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Soybeans finish higher

Updated: 03/21/2012 @ 2:07pm

DES MOINES, Iowa (Agriculture.com)--With no real pattern, the CME Group corn, soybean and wheat markets closed mixed Wednesday. The soybean market gained off of talk that China could be in the market soon.

The July corn futures settled 4 3/4 cents lower at $6.41 1/4. The July soybean contract finished 9 3/4 cents higher at $13.62. The July wheat futures closed 5 3/4 cents lower at $6.45 3/4. The July soymeal futures closed $4.20 per short ton higher at $370.90. The July soyoil futures ended $0.04 higher at $54.76. 
In the outside markets, the NYMEX crude oil is $1.12 per barrel higher, the dollar is higher and the Dow Jones Industrials are down 24 points.

Jack Scoville, PRICE Futures Group vice president, says the soybean markets are getting support by some talk of new Chinese demand.  "Other than that, I think speculators will lighten the load a bit and that probably means selling, since they are net-long in soybeans and I think corn, but wheat could rally as they are short there," Scoville says.  

Brazil farmers are showing some signs of selling. But, in the U.S. it's hard to get farmers on the phone, they are out digging in the dirt.  Some planting reported in southern Illinois this week, but most seem to be waiting. And the Delta farmers are stalled on fieldwork due to the rains, east Texas the same," he says.

The dollar has strengthened, the drop in February home resales has weakened the stock market, and those outside factors are weighing on a commodities market that is already chopping its way to next week's USDA number.

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