Soybeans finish higher
DES MOINES, Iowa (Agriculture.com)--From start to finish, the soybean pit rallied on fresh demand news from China Wednesday. However, technical selling pressured the corn market.
The March corn futures settled 6 1/2 cents lower at $6.27. The March soybean contract closed 6 cents higher at $12.61. The March wheat futures settled 9 cents lower at $6.26. The March soymeal futures closed $2.70 per short ton higher at $332.80. The March soyoil futures ended $0.33 higher at $53.35.
In the outside markets, the NYMEX crude oil is $0.77 per barrel higher, the dollar is higher and the Dow Jones Industrials are down 90 points.
Jack Scoville, PRICE Futures Group vice president, says the market is digesting the talk of China's growing interest for U.S. soybeans. "The talk is that China will announce purchases of about 11 million metric tons," Scoville says.
Otherwise, the trade activity is quiet today, with the EU debt crisis mess still on and everyone waiting for China, he says. "I have seen some advisory services trying to sell this rally in beans on a buy the rumor and sell the fact deal, but we will see."
Also, there is more talk about weather problems with dry conditions in southern Brazil and wet conditions in northern Brazil. The talk is creating lower and lower crop estimates, now down to maybe 67.0 mmt for Brazil's total production vs. earlier estimates of 74.0 mmt, " Scoville says.