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Soybeans, wheat settle higher

10/24/2012 @ 9:35am

DES MOINES, Iowa (Agriculture.com)--With depleting volume, the CME Group corn market dropped Wednesday. Meanwhile, the soybean and wheat markets were well supported.

The Dec. futures corn contract settled 1 3/4 cents lower at $7.54 1/4. Nov. soybean futures contract closed 17 1/4 cents higher at $15.70 1/2. Dec. wheat futures ended 15 cents higher at $8.84 per bushel. The Dec. soyoil futures contract settled $0.52 higher at $51.84. The Dec. soymeal futures contract finished $5.70 per short ton higher at $481.90.

In the outside markets, the NYMEX crude oil is $0.43 per barrel lower, the dollar is higher and the Dow Jones Industrials are 26 points lower.

Al Kluis, Kluis Commodities/Publishing owner, says the fact Ukraine may stop selling wheat is helping wheat, for soybeans more sales to unknown (China) and dry conditions in northeast Brazil. 

"Corn is struggling with poor ethanol margins and slow exports," Kluis says. 

On Thursday, the USDA's Weekly Export Sales Report will be released at 7:30am Central.

The trade is looking for 150,000 to 375,000 metric tons of corn exports, he says. "To stay on pace with USDA's yearly expectations we need 400,000 mt," Kluis says.

For soybeans, the trade sees between 800,000 to 900,000, needing only 214,000 mt.

For wheat, the trade sees 250,000-450,000 mt and we need to avg 526,000 mt, Kluis says.

 

"Soybeans and wheat are trading above the last two day's high, creating a break out to the up side," he says. 

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