Soybeans end up 16¢
DES MOINES, Iowa (Agriculture.com)--The CME Group soybean market rallied Thursday.
The Dec. corn futures contract settled 1/4 of a cent higher at $4.43. The Nov. soybean futures contract settled 16 cents higher at $12.93. Dec. wheat futures ended 11 cents lower at $7.44 per bushel. The Dec. soymeal futures contract finished $9.20 per short ton higher at $413.00. The Dec. soyoil futures ended $0.25 lower at $41.12.
In the outside markets, the NYMEX crude oil is $1.53 per barrel lower, the dollar is lower and the Dow Jones Industrials are 44 points lower.
Dustin Johnson, eHedger grain analyst, says that the debt ceiling increase has resulted in a sharp decline of the US Dollar Index, and that is the most important fundamental providing support right now.
"The overall commodity and equity markets are back to a "risk-on" mentality and the funds have been buying beans selling corn for quite some time, I think this is just a continuation of that spread. Other headlines might point out that the soy export inspections were strong but that information should have already been built into the market," Johnson says.