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

Soybeans close sharply higher

08/20/2012 @ 9:45am

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.

CancelPost Comment
MORE FROM MIKE MCGINNIS more +

Soybeans, Wheat End Higher By: 04/24/2014 @ 8:48am DES MOINES, Iowa (Agriculture.com)--On Thursday, the CME Group's  soybean and wheat…

Corn, Wheat Markets to Trade Higher Thursday By: 04/24/2014 @ 7:57am On Thursday, the CME Group's corn, soybean, and wheat markets are expected to start…

Corn, Wheat Prices End Higher By: 04/23/2014 @ 8:42am DES MOINES, Iowa (Agriculture.com)--At mid-session, the CME Group corn and wheat markets have found…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Waiting For the Planting Window