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Soybeans close up 62¢

08/26/2013 @ 8:58am

DES MOINES, Iowa (Agriculturecom)--Though it closed off its daily high, the CME Group soybean market settled at a 1-month high, as hot/dry weather forecasts underpin the sharp rally Monday.

At one point, two soybean contracts reached their daily limit levels of 70 cents. For corn, that market came within 5 cents of reaching its daily limit.

The Sep. corn futures settled 20 cents higher at $5.15 per bushel. The Dec. corn futures contract closed 30 cents higher at $5.00. The Sep. soybean futures contract finished 62 cents higher at $14.21, new-crop Nov. soybeans settled 61 cents higher at $13.89. Dec. wheat futures finished 20 cents higher at $6.66 per bushel. The Dec. soymeal futures closed $17.20 per short ton higher at $436.70. The Dec. soyoil futures settled $1.88 higher at $44.88. 

In the outside markets, the NYMEX crude oil is $0.04 per barrel higher, the dollar is higher and the Dow Jones Industrials are 20 points higher.

Jack Scoville, PRICE Futures  Group vice-president, says the rally is supported by fund-buying.

"This is a weather rally, all weather moving things higher today.  Big buying by funds and shorts getting pushed out of the market.  Funds are buying corn too, to get out and some wheat too," Scoville says.  

But, this is pure weather and big time spec buying, he says. 

"The rally may be supported by end-user buying too, although my buy-side is quiet, so far today, on the commercial side."

Jack Scoville, PRICE Futures  Group vice-president, says the rally is supported by fund-buying.

"This is a weather rally, all weather moving things higher today.  Big buying by funds and shorts getting pushed out of the market.  Funds are buying corn too, to get out and some wheat too," Scoville says.  

But, this is pure weather and big time spec buying, he says. 

"The rally may be supported by end-user buying too, although my buy-side is quiet, so far today, on the commercial side."


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