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Soybeans settle 14¢ higher

Updated: 02/04/2013 @ 2:25pm

DES MOINES, Iowa (Agriculture.com)--With grain prices finishing lower, the CME Group soybean market settled double-digit higher from continued dry weather in Argentina.

The March futures corn contract settled 1 cent lower at $7.34. The March soybean futures contract settled 14 cents higher at $14.88. March wheat futures finished 2 cents lower at $7.63 per bushel. The March soyoil futures contract ended $0.12 higher at $53.11. The March soymeal futures settled $6.10 per short ton higher at $434.30. 

In the outside markets, the NYMEX crude oil is $1.68 per barrel lower, the dollar is higher and the Dow Jones Industrials are 104 points lower.

Tim Hannagan, Alpari (U.S.) LLC senior grain analyst, says the market is trading weather today but not all week.

"It's Monday and traders are pricing in the weather in South America, where the world's first crops of the year are entering key yield development time for corn and beans," Hannagan says. 

Traders went home Friday lightly long on forecasts that said next week would be dry all over Argentina and southern Brazil, he says. 

"They came in Sunday buying heavily as current forecasts confirmed high heat and lack of rain in key areas that have been dry. But, don’t expect the rally to last, as traders won't hold weather 'longs' going into Friday's big USDA Supply/Demand report."  

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