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Soybeans rebound, close sharply higher

Updated: 07/25/2012 @ 4:09pm

The CME Group corn, soybean and wheat markets closed higher, lead by the soybean pit Wednesday.

The Sep. corn futures settled 4 1/2 cents higher at $7.94 1/2, while the Dec. contract finished 9 3/4 cents higher at $7.88. The August soybean contract closed 45 cents higher $16.94 1/2, while the Nov. soybean futures settled 46 cents higher at $16.15 1/2. The Sep. wheat futures closed 24 1/2 cents higher at $9.03 1/2. Aug. soyoil futures ended $0.66 higher at $52.24. The Aug. soymeal futures finished $20.00 higher at $529.80.

In the outside markets, the NYMEX crude oil is $0.81 per barrel higher, the dollar is lower and the Dow Jones Industrials are 58 points higher.

Jack Scoville, PRICE Futures vice president, says the market held support levels overnight and found new buying interest.  

"There is some disagreement on how much rain will move into the Midwest over the next couple of days, but it will turn cooler.  Been a lot of spec-buying today," Scoville says.

Commercials and farmers are looking at sales, but not much yet, he says.  

"Sep-Dec corn spreading is soft, something interesting to note.  I feel like corn has to get to $8.00 and above in Dec to keep this thing going, otherwise maybe we got a top," Scoville says.  

The trade remains nervous about the soybean crop getting necessary rains. The rains could really make a big difference to bean yields now and could also keep corn from tanking a little more. So, the market has a wait-and-see attitude here," he says.

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