Soybeans Close 18¢ Higher
DES MOINES, Iowa (Agriculture.com)--The CME Group soybean market finished stronger, leading the way upward for wheat and corn prices Wednesday.
The Dec. corn futures settled 2 1/2 cents higher at $3.70. Nov. soybean futures closed 18 3/4 cents higher at $10.76. Sep. wheat futures finished 5 3/4 cents higher at $5.54 1/2. The Dec. soymeal futures contract ended $5.60 per short ton higher at $347.30. Dec. soyoil futures closed $0.16 higher at $37.00.
In the outside markets, the NYMEX Brent crude oil is $0.64 per barrel higher, the dollar is higher, and the Dow Jones Industrials are 20 points lower.
Alan Brugler, Brugler Marketing & Management LLC, says demand is holding up the soybean market. "Private exporters reported to the USDA export sales of 225K MT of soybean meal to unknown destinations for delivery in 2014/15, this morning."
Funds were thought to be estimated net sellers of around 6,000 contracts of soybeans, yesterday, Brugler says.
Global supplies are expected to be building, keeping a lid on rallies.
The World Oilseed outlook raised the projected production of the seven major oilseeds from 488.4 MMT to 505 mmt for the 14/15 season. U.S. soybean production was pegged at 101 MMT, up from the previous estimate of 91.4 MMT.
China was said to have sold only 54,945 MT of the soybeans out of the 354,470 MT offered at its weekly government auction.
Regarding the corn market, funds were estimated net sellers of 4,000 contracts of corn on Tuesday. "Trader talk is that a private advisory service is projecting a 2014 yield of 192.70 bushels per acre, in 10 counties in southern Illinois, based on a crop tour, which compares to last year's tour yield of 182.30 bpa," Brugler says.