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Soybeans close sharply higher

Updated: 08/20/2012 @ 2:34pm

DES MOINES, Iowa (Agriculture.com)--With reports of lower-than-expected yields, combined with a threatening cyclone in China, the CME Group corn, soybean, and wheat markets staged an impressive rally Monday.

At the close, the Dec. futures corn contract closed 16 1/2 cents higher at $8.23 3/4. The Nov. soybean contract closed 37 3/4 cents higher at $16.83 1/2. Dec. wheat futures finished 8 1/4 cents higher at $9.02 3/4 per bushel. The Dec. soyoil futures contract closed $0.79 higher at $54.53.

In the outside markets, the NYMEX crude oil is $0.32 per barrel lower, the dollar is lower and the Dow Jones Industrials are 11 points lower.

Jack Scoville, PRICE Futures Group vice president, says that findings of lower-than-expected yields are boosting today's market.

"None of the news is a shock, but to have crop tour information tweeted to the world is bringing some new buying.  There is some demand talk, but basis seems soft to me. So, I am not sure how good the demand is.  Some talk of a cyclone headed towards China. But, to me, it looks like it will to stay out to sea. So, lots of things showing and very little selling pressure showing," Scoville says.

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