Home / Markets / Markets Analysis / Corn market / Soybeans close sharply higher

Soybeans close sharply higher

04/12/2012 @ 9:36am

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.


CancelPost Comment
MORE FROM MIKE MCGINNIS more +

Corn Ends Lower, Soybeans Mixed By: 04/17/2014 @ 8:38am DES MOINES, Iowa (Agriculture.com)--On Thursday, the CME Group corn markets closed lower, soybeans…

Mixed farm markets seen Thursday By: 04/17/2014 @ 8:05am On Thursday, the CME Group's corn, soybean and wheat markets are expected to start mostly…

Soybeans Close 17¢ Higher By: 04/16/2014 @ 8:46am DES MOINES, Iowa (Agriculture.com)--On Wednesday, the CME Group's corn, wheat markets came…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Big Picture: CME Trading Weather