Soybeans close up double-digits
DES MOINES, Iowa (Agriculture.com)--The CME Group soybean market closed sharply higher, following lower South America crop estimates and stronger weekly export sales Thursday.
The July corn futures settled 1 1/2 cents higher at $6.52 1/4. The July soybean contract closed 14 cents higher at $14.37 1/4. The July wheat futures settled 3 1/2 cents lower at $6.46 1/4. The July soymeal futures finished $4.70 per short ton higher at $393.70. The July soyoil futures closed $0.60 higher at $57.03.
In the outside markets, the NYMEX crude oil is $1.90 per barrel higher, the dollar is higher and the Dow Jones Industrials are down 36 points.
Jack Scoville, PRICE Futures Group vice president, says the strong export sales are pushing the beans higher and taking the rest of the markets along for the ride more than anything.
"USDA likely needs to increase demand and cut ending stocks in the supply and demand estimates next week. This might happen in corn too, but that is less certain. I have seen most specs on both sides so far. The options pits seem quiet. So, I think volumes overall are not that strong. But, it is a holiday and it is possible that some long liquidation comes to the beans late in the session," Scoville says.
The CME Group Exchange will be closed for Good Friday. Trading will resume with Sunday night's overnight trading.