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Soybeans close sharply higher

Updated: 04/12/2012 @ 2:01pm

DES MOINES, Iowa (Agriculture.com)--Fresh demand helped the CME Group soybean market settle on a double-digit high Thursday.

The July corn futures closed 2 cents higher at $6.29. The July soybean contract finished 20 1/4 cents higher at $14.44 1/2. The July wheat futures settled 11 cents higher at $6.44 1/2. The July soymeal futures settled $7.70 per short ton higher at $396.60. The July soyoil futures ended $0.76 higher at $57.60. 
In the outside markets, the NYMEX crude oil is $0.90 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 172 points.

Jack Scoville, PRICE Futures Group vice president, says the new exports Thursday has the market underpinned.

"Demand is the reason here along with weaker US dollar and stronger crude oil and stocks.  The soybeans weekly sales were poor, but the sales overnight to China and 'unknown' wiped that out," Scoville says.  Corn sales are strong too, he says.  

"Specs are buying, South America farmers are quiet so far. Weather also is a factor due to the freeze we saw here in the Midwest overnight. But, I doubt any lasting damage was done. I think the demand story is the key for the price action today," he says.

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