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Soybeans close sharply higher

Updated: 06/07/2012 @ 1:40pm

DES MOINES, Iowa (Agriculture.com)--The CME Group soybean market settled sharply higher, corn and wheat end strong Thursday.

The July corn futures close 9 1/2 cents higher at $5.95, while the Dec. contract settled 18 cents higher at $5.37 1/4. The July soybean contract ended 39 3/4 cents higher $14.26, while the Nov. 2012 contract closed 41 3/4 cents higher at $13.41. The July wheat futures closed 17 3/4 cents higher at $6.42. July soyoil futures settled $1.14 higher at $50.39. The July soymeal futures finished $11.70 per short ton higher at $426.30. 
In the outside markets, the NYMEX crude oil is $0.32 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 112 points.

Tim Hannagan, PFGBest.com senior grain analyst, says the market is trading weather Thursday.

"The market traded this week's weather with the Sunday high price rally. The weather after that supported any dips. The trade is now considering next week's weather, which is looking drier along with talk of a heat dome 11 days out," Hannagan says.

Alan Brugler, President of Brugler Marketing & Management LLC, says bullish fundamentals remain strong, but show signs of weakening.

"The weaker U.S. dollar played a big role in this rally today. But, it is fading just a bit at midday. The weather forecasts for the next two weeks keep most of the moisture north of Sioux Falls/Mason City, while the heat is about everywhere.  China also took some stimulus measures overnight. I don't hear much talk about a bullish USDA report on Tuesday," Brugler says. 

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