Home / Markets / Markets Analysis / Corn market / Soybeans close up 12¢

Soybeans close up 12¢

02/25/2014 @ 8:54am

DES MOINES, Iowa (Agriculture.com)--China's big purchase of U.S. soybeans helped that market close double-digits higher, pulling up corn and wheat Tuesday.


The March corn futures contract closed 3 1/2 cents higher at $4.61. The May soybean futures contract settled 12 1/4 cents higher at $13.87. May wheat futures closed 1 cent higher at $6.18 per bushel. The May soymeal futures contract ended $5.00 per short ton higher at $453.70. The May soyoil futures finished $0.18 lower at $40.85.


In the outside markets, the NYMEX crude oil is $1.09 per barrel lower, the dollar is lower, and the Dow Jones Industrials are 6 points lower.


Matt Connelly, Futures International LLC floor trader, says corn and soybeans are somewhat overbought, but the hot money flow continues to come into the markets. 

 

"USDA this a.m. reported 560k bns to unknown. I believe this sale is to Indonesia. We cannot continue this export pace, unless maybe last year's crop was understated. We will find that out in March Stocks Report," Connelly says. 

 

Money flows have been active for the last month or so, he says.


"We still need more bean acres, and we need to have good yields. A sub-43.0 national yield with 80 million bean acres continues a very tight scenario with demand unchanged. Corn situation a little looser, but that can change quickly," Connelly says.

CancelPost Comment
MORE FROM MIKE MCGINNIS more +

All Farm Markets Close Lower By: 08/29/2014 @ 8:44am DES MOINES, Iowa (Agriculture.com)--Despite the concern over crop diseases, the pressure got to the…

Farm Markets Rally Thursday By: 08/28/2014 @ 8:48am DES MOINES, Iowa (Agriculture.com)--The CME Group corn, soybean, and wheat markets closed higher…

Farm Markets Seen Higher Thursday By: 08/28/2014 @ 6:41am On Thursday, the CME Group's corn, soybean, and wheat markets are expected to start…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Holiday Profit Taking Pressures Markets