Soybeans finish higher
DES MOINES, Iowa (Agriculture.com)--The CME Group corn, soybean and wheat markets finished mostly higher Thursday.
The Dec. futures corn contract closed 1/4 of a cent higher at $7.57. Nov. soybean futures contract is trading 19 3/4 cents higher at $15.51. Dec. wheat futures closed 3 3/4 cents lower at $8.69 1/4 per bushel. The Dec. soyoil futures contract finished $0.73 higher at $51.46. The Dec. soymeal futures contract closed $4.50 per short ton higher at $468.90.
In the outside markets, the NYMEX crude oil is $3.59 per barrel higher, the dollar is lower and the Dow Jones Industrials are 76 points higher.
Jack Scoville, PRICE Futures Group vice president, says soybeans are higher on the export sales, all those sales to China are very big here, plus the strong meal sales.
"Plus, some are mentioning the StatsCan report showing less canola as a reason to buy soybeans. Lots of talk that we have seen the harvest lows now. Corn and wheat along for the ride, nothing more," Scoville says.
Today looked like mostly spec-buying here today, with little interest from my buy-side guys at all, he says.
"I think maybe we saw a little harvest selling on the highs, but mostly it felt like some long specs getting out," Scoville says.
Wheat was the weakest all day, but then the demand is not there at all and we need some to goose that market, he says.
"I think we might chop a bit tomorrow and early next week, as we get ready for the production reports, but we will also stay close to the export market in beans to see if this demand continues."
Meanwhile, record high prices at harvest, record speculative long positions, Duetsch Bank index rolls that sell Nov beans Oct 2nd through the 8th, China on a week-long holiday, and fear of larger yields in beans, all are contributing to keeping price gains limited, floor traders say.
"Most of these concerns will be swept aside after the Oct 11th report," one CME Group floor trader, requesting anonymity, says.