DES MOINES, Iowa (Agriculture.com)--Less farmer-selling of the just harvested crops, combined with an attitude of an oversold futures market and bullish soybean exports helped the CME Group corn, soybean and wheat markets close sharply higher Thursday.

The Dec. futures corn contract closed 15 cents higher at $7.60. Nov. soybean futures contract ended 36 cents higher at $15.45. Dec. wheat futures finished 12 cents higher at $8.68 per bushel. The Dec. soyoil futures contract settled $1.27 higher at $52.30. The Dec. soymeal futures contract closed $8.60 per short ton higher at $463.30.

In the outside markets, the NYMEX crude oil is $1.27 per barrel lower, the dollar is higher and the Dow Jones Industrials are 26 points lower.

Tim Hannagan, Alpari LLC (U.S.) senior grain analyst, says the soybean market was today's leader off of a bullish viewed weekly export sales report.

In its Weekly Export Sales Report Thursday, USDA estimated U.S. soybean sales at 523,000 mt, up from 520,000 the week prior. Also, China, a key world buyer, was in the market for 268,000 of the total. "Soybean ending stocks are historically low. So, any demand threatens supply," Hannagan says. 

The nearby November soybean contract blew through chart resistance at $15.30, picking up 'buy' stops triggering another move 14 cents higher, he says. 

Hannagan adds, "A combination of a bullish demand report and technical parameters being eclipsed made the day for beans. But, corn and wheat markets assumed a 'follower' roll to beans, with their export sales viewed as neutral-to-bearish. It’s a one day report reaction, Friday we will be back to a tighter range."