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Soybeans, Wheat End Higher

04/24/2014 @ 8:48am

DES MOINES, Iowa (Agriculture.com)--On Thursday, the CME Group's  soybean and wheat markets closed stronger.

The July corn futures contract settled 2 1/4 cents lower at $5.07. The Dec. corn futures finished 1 3/4 cents lower at $5.02. The July soybean futures contract closed 5 1/4 cents higher at $14.70. The Nov. soybean futures finished 3 1/2 cents higher at $12.31. July wheat futures closed 13 3/4 cents higher at $6.96 per bushel. The July soymeal futures contract ended $1.70 per short ton higher at $470.70. The July soyoil futures closed $0.08 higher at $42.86.

In the outside markets, the Brent crude oil is $0.23 per barrel lower, the dollar is lower and the Dow Jones Industrials are 71 points higher.

Jack Scoville, PRICE Futures Group vice-president, says that today's market activity is led by wheat. 

"It is a very quiet trade, except for wheat which remains a weather play.  No real rain in the forecasts for the southwest Great Plains and the wheat there will get stressed.  Also talking some heat out that way for the next few days to stress the crop even more." Ukraine is a little hotter which does not hurt bullish wheat ideas in the U.S. at all, he says.  

"But, soybeans and corn have very little going on.  The price action for both not all that positive, given the strength in wheat.  Export sales were really bad for beans Thursday. That is just what the market wanted to see.  Plus, the July-Nov bean spread is breaking and testing support.  I am telling producers to sell into rallies and to start to get some pricing done," he says.

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