Soybeans lead strong rally
DES MOINES, Iowa (Agriculture.com)--The CME Group soybean market, rallying off of unimpressive weekend rains in South America, pushed up all commodities Monday.
The March corn futures closed 7 3/4 cents higher at $6.39 1/2. The March soybean contract settled 23 cents higher at $12.52. The March wheat futures finished 11 1/4 cents higher at $6.41 1/4. The March soymeal futures ended $10.50 per short ton higher at $330.50. The March soyoil futures settled $0.52 higher at $53.05.
In the outside markets, the NYMEX crude oil is $2.33 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 83 points.
Jack Scoville, PRICE Futures Group vice president, says that a lot of this rally is related to the Greek deal and the US Dollar weakness.
"But, the dollar is off its worst lows of the day and this has created some selling. Also, we hit some stops in the beans and now are back inside the range," Scoville says.
The USDA estimates Monday of 94.0 million corn, 74 million soybean and 56.5 million wheat acres, for the coming year are big. The market rallied despite those bearish numbers.
The market continues to eye the crop-weather in South America. "Overall, it's still dry for southern Brazil's crops and too wet farther north. But, Argentina seems better," Scoville says.