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Soybeans end up 16¢

10/17/2013 @ 8:56am

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.

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