Home / Markets / Markets Analysis / Soybeans market / Soybeans Settle Higher Monday on Demand News

Soybeans Settle Higher Monday on Demand News

04/28/2014 @ 2:23pm

Soybean and corn futures settled higher Monday after a U.S. government report showed continued strong demand for the crops overseas. Wheat was unchanged.

Delays planting this year's corn and soybean crops have added to uncertainty in agricultural markets, as cold and wet conditions have kept many farmers out of their fields, though traders were looking ahead to a report on planting progress expected later Monday from the U.S. Department of Agriculture.

May-dated soybean futures at the Chicago Board of Trade settled 10 1/4 cents, or 0.7%, higher at $15.08 1/4 a bushel.

Exports of soybeans for the current 2013-14 season are running well ahead of the prior year, according to a weekly U.S. Department of Agriculture report Monday on grain-export inspections. Analysts said prices also drew support from strong demand for the beans among domestic processors.

CBOT May corn contracts closed up 3/4 of a cent, or 0.2%, at $5.07 3/4 after the USDA report showed more than 1.1 million metric tons of the grain inspected by the agency for overseas shipment in the past week. So far in the current marketing year U.S. officials have inspected for export more than double the amount of corn examined during the same period in the prior year.

CBOT May wheat contracts settled unchanged at $7.00 1/4 a bushel after the contract traded lower for much of Monday's session.

Favorable weather conditions in other major wheat-producing areas of the world, such as Australia and Eastern Europe, pressured prices despite an anticipated toll on the U.S. crop after weeks of dry weather in the southern U.S. Great Plains.


Write to Jacob Bunge at jacob.bunge@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
April 28, 2014 15:12 ET (19:12 GMT)
DJ Soybeans Settle Higher as Demand Offsets Planting Uncertainty->copyright

CancelPost Comment
MORE FROM DOW JONES NEWSWIRES more +

More Pig Losses Seen, Smithfield Says By: 05/14/2014 @ 7:55am The swine industry is struggling to contain a deadly virus that's sweeping U.S. hog farms…

Senators Turn Up Heat on Railroad Companies By: 05/13/2014 @ 11:39am Four Midwestern U.S. senators add their voices to a growing chorus of farmers, ethanol producers…

Summary of Friday's WASDE Report By: 05/09/2014 @ 2:53pm The following table is provided as a service to Wall Street Journal subscribers in conjunction…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Looking Out for Soybean Cyst Nematodes