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Soybeans close up 24¢

Updated: 07/08/2013 @ 2:57pm

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.

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