Soybeans close up 25¢
DES MOINES, Iowa (Agriculture.com)--The CME Group soybean prices surged to a double-digit close Thursday.
The Sep. corn futures contract closed 5 cents lower at $4.89 per bushel. Dec. corn futures contract settled 8 cents lower at $4.61. The Sep. soybean futures contract finished 25 cents higher at $14.23, and new-crop Nov. soybeans ended 15 cents higher at $13.67. Dec. wheat futures settled 6 cents lower at $6.40 per bushel. The Dec. soymeal futures ended $6.70 per short ton higher at $429.40. The Dec. soyoil futures finished $0.40 lower at $43.53.
In the outside markets, the NYMEX crude oil is $1.06 per barrel higher, the dollar is higher, and the Dow Jones Industrials are 21 points higher.
Jack Scoville, PRICE Futures Group vice president, says the wetter weather forecast is not bearish enough for soybean prices.
"For soybeans, I have no idea why they are higher. They were sinking on the wetter weather."
Corn is down on reports of active harvest progress in the Delta and Southeast, plus reports of good yields and production there, Scoville says. "Midwest corn still a month away, from what I hear. Wheat down with corn. My Southern guys are real happy with the corn. So, I think the big production talk down there is probably true. Not heard a damn thing about beans, no cutting yet. No Brazil selling, or not too much, anyway. We will hop chop chop for the next week, I bet."