Home / Markets / Markets Analysis / Corn market / Soybeans end strong

Soybeans end strong

10/16/2013 @ 8:54am

DES MOINES, Iowa (Agriculture.com)--On Wednesday, demand and short-covering pushed the CME Group soybeans to a higher close.

The Dec. corn futures contract settled 3/4 of a cent lower at $4.42. The Nov. soybean futures contract settled 9 1/2 cents higher at $12.76. Dec. wheat futures closed 4 cents lower at $6.81 per bushel. The Dec. soymeal futures contract ended  $1.40 per short ton higher at $403.80. The Dec. soyoil futures closed $0.71 higher at $41.37. 

In the outside markets, the NYMEX crude oil is $0.44 per barrel higher, the dollar is lower and the Dow Jones Industrials are 161 points higher.

Tim Hannagan, Walsh Trading Inc. grain analyst, says that without USDA numbers to guide the market, charts are the rule. 

"Soybeans saw short covering off the Nov. $12.60 support area. Meanwhile, the $12.79 high held onto the upside for the third consecutive day. Until the USDA gives numbers to trend off of, beans will sell rallies off good harvest yields and buy breaks off rumors of strong  demand," Hannagan says.

CancelPost Comment
MORE FROM MIKE MCGINNIS more +

March Market Madness is on its Way; Are You… By: 03/06/2015 @ 11:50am Though it represents the culmination of the National Collegiate Athletic Association’s (NCAA)…

Strong Dollar Sinking Wheat, Soybeans, Corn By: 03/06/2015 @ 8:38am DES MOINES, Iowa (Agriculture.com)—A strong U.S. Dollar and harvest pressure from Brazil sent the…

Wheat Seen Higher, Corn Lower Friday By: 03/06/2015 @ 7:08am On Friday, the CME Group's corn, soybean, and wheat markets are expected to start mostly…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Planter tips: Parallel linkage
Agriculture.com

FREE MEMBERSHIP!

CLOSE [X]