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Soybean prices settle higher

Updated: 12/14/2012 @ 10:57am

DES MOINES, Iowa (Agriculture.com)--The bullish soybean export report helped the CME Group soybeans settle higher Thursday.


The March futures corn contract finished 5 cents lower at $7.20. The January soybean futures contract finished 3 cents higher at $14.77. March wheat futures ended 4 cents lower at $8.07 per bushel. The January soyoil futures contract finished 29 cents lower at $49.25. The January soymeal futures contract settled $4.20 per short ton higher at $456.20.

In the outside markets, the NYMEX crude oil is 77 cents per barrel lower, the dollar is lower, and the Dow Jones Industrials are 90 points lower.

Jack Scoville, PRICE Futures Group vice president, says it's all about the beans today. "Beans are up on export sales and also ideas of a big NOPA crush estimate tomorrow," Scoville says. 

Better weather in South America is keeping selling on the deferred contracts, he says.  

Scoville adds, "Corn and wheat do not have the demand ideas, and so people are much more bearish there. Funds mostly selling and getting out for the year, as well."

Today's market did see some spec-buying in beans, some commercials there as well.  

"I think mostly spec-selling against little buying interest in the grains. Although bouts of buying were seen earlier -- not sure who that was," Scoville says.

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