Home / Markets / Markets Analysis / Soybeans market / Soybeans close sharply higher

Soybeans close sharply higher

01/09/2012 @ 9:36am

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. 

CancelPost Comment
MORE FROM MIKE MCGINNIS more +

Farm Markets Reverse Higher Wednesday By: 10/01/2014 @ 8:49am DES MOINES, Iowa (Agriculture.com)—On Wednesday, the CME Group’s corn, soybean and wheat…

Corn, Soybean Markets Seen Weaker Wednesday By: 10/01/2014 @ 7:29am On Wednesday, the CME Group's corn, soybean and wheat markets are expected to start…

USDA Bullish Soybean Data Trumped By: 09/30/2014 @ 10:54am As of September 1, the USDA sees the U.S. soybean and corn stocks getting tighter.In its Quarterly…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Pre-Harvest Checklist