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Soybeans reach 3 1/2-year high

Updated: 04/24/2012 @ 2:04pm

DES MOINES, Iowa (Agriculture.com)--With lowering crop estimates out of Argentina, the CME Group soybean market hit a 3 1/2-year high Monday.

However, profit-taking hit the grain markets

The July corn futures settle 4 1/2 cents lower at $6.08. The July soybean contract finished 24 cents higher  $14.65. The July wheat futures settled unchanged at $6.32 1/2. The July soymeal futures closed $12.30 per short ton higher at $415.70, and sloyoil futures ended up $0.20 at $55.69. 
In the outside markets, the NYMEX crude oil is $0.19 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 74 points.


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