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Soybeans rally

03/04/2013 @ 9:51am

The CME Group soybean market finished strongly, while corn and wheat markets ended lower Monday.

The March futures corn contract settled 1 cent lower at $7.23. The March soybean futures contract finished 25 cents higher at $14.90. March wheat futures ended 17 cents lower at $6.96 per bushel. The March soyoil futures contract ended $0.58 higher at $50.05. The March soymeal futures finished $4.90 per short ton higher at $432.20. 

In the outside markets, the NYMEX crude oil is $0.90 per barrel lower, the dollar is higher and the Dow Jones Industrials are 34 points higher.

Tim Hannagan, Alpari (U.S.) LLC senior grain analyst, says that crop-weather is pressuring the markets.

"Wheat led the way with a 23 cent drop into mid-session. Another snow storm brings badly needed moisture to top soil this week, in the previously drought stricken western and eastern winter wheat states. This is the third week, in a row, of moisture entering to assist wheat. And another system, largely rain, looks to be on the way. The wheat break was so large it pulled corn and beans down for awhile," Hannagan says.

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