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Soybeans close sharply higher

Updated: 01/09/2012 @ 2:17pm

DES MOINES, Iowa (Agriculture.com)--Signals of demand and the stress on South America's crops help;ed the CME Group soybean market finish sharply higher Monday.

The March corn futures closed 8 1/2 cents higher at $6.52. The March soybean contract ended 36 1/2 cents higher at $12.33. The March wheat futures finished 17 cents higher at $6.41 3/4. The March soymeal futures settled $11.10 per short ton higher at $323.50. The March soyoil futures settled $1.21 higher at $52.33.

In the outside markets, the NYMEX crude oil is $0.24 per barrel lower, the dollar is lower and the Dow Jones Industrials are down 26 points.

Tim Hannagan, PFGBest.com senior grain analyst, says the crop-weather fundamental dominates the markets. "These are weather markets for 90% of our pricing until South American crops are made. After light rains move out Wednesday it returns hot and dry into months end. Other than that pre-report trade estimates for Thursday's crop report look mildly bullish corn and friendly beans. No one wants to be short into it, for sure, but don’t expect heavy report buying either," Hannagan says. 

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