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Soybeans end 28¢ higher

11/22/2013 @ 8:38am

DES MOINES, Iowa (Agriculture.com)--The CME Group soybean market used strong demand to reach a one-week high Friday.


The Dec. corn futures contract closed 3/4 cent lower at $4.22 1/4. The Jan. soybean futures contract closed 28 cents higher at $13.19 1/2. Dec. wheat futures finished 3/4 cent higher at $6.49 1/2 per bushel. The Jan. soymeal futures contract closed $16.80 per short ton higher at $427.00. The Dec. soyoil futures finished $0.38 lower at $41.16.


In the outside markets, the NYMEX crude oil is $0.57 per barrel lower, the dollar is lower, and the Dow Jones Industrials are 48 points higher.


Jack Scoville, PRICE Futures Group vice president, says that even though the market strengthened today, next week could be different.


"Farmers are not selling, and the market is noting the strong export sales this week, after everyone was saying that China was shifting its buying to South America," Scoville says. 

 

He adds, "So, then big sales yesterday, some announced sales today, and the bear case went bye-bye. I know farmers are not selling, but I am telling mine we have been here before and have turned back down and to keep a very close eye on this thing early next week. We can fail and fall hard, if we don’t power on through."

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