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Soybeans Close Slightly Higher
DES MOINES, Iowa -- On Tuesday, the CME Group’s farm markets closed mostly lower. Soybean prices closed off their highs, while corn and wheat drop.
At the close, the September corn futures settled 2¼¢ lower at $3.69, and December futures finished 3¢ lower at $3.83¾.
August soybean futures finished 3¢ higher at $9.67; November soybean futures closed 3½¢ higher at $9.73¼.
September wheat futures ended 6½¢ lower at $4.57.
December soy meal futures closed $0.10 per short ton higher at $314.30. December soy oil futures closed 0.29¢ higher at 34.22¢ per pound.
In the outside markets, the Brent crude oil market is $0.30 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 8 points higher.
Mike North, Commodity Risk Management Group analyst, says that the soybean complex is benefitting from bullish news.
“Soybeans are rising on dry weather forecasts and ongoing export sales,” North says.
Monday’s Grain Market Review
On Monday, the CME Group’s farm markets closed higher, as investors cover short positions and less Midwest rain was recorded.
At the close, the September corn futures finished 5¾¢ higher at $3.72¼, and December futures finished 5¾¢ higher at $3.86¾.
September soybean futures settled 11¾¢ higher at $9.64; November soybean futures finished 13¢ higher at $9.69¾.
September wheat futures settled 8¾¢ higher at $4.63½.
December soy meal futures closed $4.80 per short ton higher at $314.20. December soy oil futures settled 0.10¢ lower at 33.93¢ per pound.
In the outside markets, the Brent crude oil market is 21¢ per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 20 points higher.
Jason Roose, U.S. Commodities grain analyst, says the trade is already preparing for this Thursday’s USDA Report.
“Grains are trading higher today across the board on short covering, ahead of this week’s USDA Crop Production Report. The disappointing Midwest rain is also giving the market support, with yield reports lower than earlier estimated in some areas,” Roose says.
On Monday, private exporters reported to the USDA the following activity:
- Export sales of 180,800 metric tons of corn for delivery to Mexico during the 2017/2018 marketing year.
- Export sales of 206,000 metric tons of soybeans for delivery to unknown destinations during the 2016/2017 marketing year.
The marketing year for corn and soybeans began September 1.