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Wheat, soybeans finish higher

Updated: 10/22/2012 @ 4:13pm

DES MOINES, Iowa (Agriculture.com)--The CME Group soybeans and wheat used weather to finish higher Monday.

The December futures corn contract closed 1/4 of a cent lower at $7.61. November soybean futures contract finished 12 cents higher at $15.46. December wheat futures settled 5 3/4 cents higher at $8.78 per bushel. The December soyoil futures contract ended 8 cents higher at $51.66. The December soymeal futures contract finished $7.20 per short ton higher at $471.00.

In the outside markets, the NYMEX crude oil is $1.79 per barrel lower, the dollar is lower, and the Dow Jones Industrials are 70 points lower.

Jack Scoville, PRICE Futures Group vice-president, says soybeans are running higher on the South American weather. It's too dry in the Mapito region and too wet in RGDS (southern Brazil) and into Argentina.  

"I see no real demand. The harvest should be about over and that means the beans are locked in the bin. It will take some price to pry the bin doors open again, which is bullish as well," Scoville says.  

There continues to be a lot of talk of a harvest low. 


Because the USDA Cattle-on-Feed Report showed less demand, corn is getting pressure.

Wheat seems to be trading too much rain in Argentina and not enough in West Australia and maybe the Great Plains too, he says.  

"Wheat demand is strong, but not so much for us. World prices are creeping higher, and we will start to do more export business soon," Scoville says.  

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