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Soybeans settle higher

Updated: 12/10/2012 @ 2:34pm

DES MOINES, Iowa (Agriculture.com)--In anticipation of a bullish WASDE Report tomorrow, traders pushed the CME Group soybean market up Monday.

At the close, the March futures corn contract settled 7 cents lower at $7.30. Jan. soybean futures contract finished 2 cents higher at $14.74. March wheat futures settled 12 cents lower at $8.48 per bushel. The Jan. soyoil futures contract settled $0.02 higher at $51.15. The Jan. soymeal futures contract finished $2.00 per short ton higher at $444.90.

In the outside markets, the NYMEX crude oil is $0.33 per barrel lower, the dollar is higher and the Dow Jones Industrials are 27 points higher.

Jack Scoville, PRICE Futures Group vice-president, says that it seems to be mostly spec-selling that is controlling today's markets, in anticipation of bearish reports from USDA in corn and wheat tomorrow. "Plus, the lack of progress on the fiscal cliff.  And, the weather in South America is getting better, a lot drier finally in Argentina and rains for most of Brazil at one point or another.  So, crop ideas will hold in South America.  It is generally pretty quiet.  Not much commercial action from the US from me, did small selling from Brazil," Scoville says.

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