Home / Markets / Markets Analysis / Corn market / Soybeans close up 24¢

Soybeans close up 24¢

07/08/2013 @ 8:39am

DES MOINES, Iowa (Agriculture.com)--Signs of demand, weather concerns, and positioning ahead of USDA's Report Thursday have the CME Group corn, soybean and wheat markets rallying.

The Sept. futures corn contract closed 7 cents higher at $5.33. New-crop Dec. corn futures finished 9 cents higher at $5.00. The Aug. soybean futures contract closed 24 cents higher at $14.56, new-crop Nov. soybeans closed 24 cents higher at $12.52. Sept. wheat futures finished 3 cents higher at $6.63 per bushel. The Aug. soymeal futures ended $13.50 short ton higher at $442.10. The Aug. soyoil futures closed $0.18 lower at $46.96.

In the outside markets, the NYMEX crude oil is $0.52 per barrel lower, the dollar is lower and the Dow Jones Industrials are 89 points higher..

Mike North, First Capitol Ag Sr. Risk Management Advisor says the rally is backed by many factors. 

"The market welcomes back all who were out in celebration of Independence Day.  As that occurs, short covering is taking place ahead of Thursday’s WASDE report," North says.  

This is being compounded by the discussion of possible unfavorable July crop-weather, he says. 

"There is talk of a ridge pattern bringing warmer, drier weather following the current rain system that is moving through the Midwest.  The key to this conversation is that much of the nation’s crop is due to pollinate in the 3rd week of July.  With bulls lacking anything in the way of news, developments such as this will be met with a quick response…enter Monday’s rally," he says.

Meanwhile, the USDA released the following fresh export sales Monday:

--USDA announces Monday that China bought 840,000 tons of U.S. SRW wheat for 2013-14 delivery.

--USDA announces Monday that China bought 120,000 tons of U.S. soybeans for 2013-14 delivery.

--USDA announces Monday that "an unknown" bought 135,000 tons of U.S. soybeans for 2013-14.

--USDA announces Monday that Mexico bought 120,000 tons of U.S. corn for 2013-14.


CancelPost Comment
MORE FROM MIKE MCGINNIS more +

Rangebound Corn Market Ends Higher By: 07/30/2014 @ 8:37am DES MOINES, Iowa (Agriculture.com)--On Wednesday, the CME Group corn and wheat markets stayed…

Soybean, Corn Markets To Dip Wednesday By: 07/30/2014 @ 7:43am On Wednesday, the CME Group's corn, soybean and wheat markets are expected to start mostly…

Soybeans, Wheat Close Double-Digits Lower By: 07/29/2014 @ 3:12pm On Tuesday, the CME Group soybean market took back some of the gains from yesterday.At the close…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Weather Trumps Demand