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Demand surges soybean prices higher

11/23/2012 @ 9:43am

DES MOINES, Iowa (Agriculture.com)--The bullish USDA's Weekly Export Sales Report has given the CME Group corn, soybean and wheat markets a jolt Friday.

At the open, the Dec. futures corn contract is trading 6 cents higher at $7.47. Jan. soybean futures contract is trading 16 cents higher at $14.24. Dec. wheat futures are trading 8 cents higher at $8.53 per bushel. The Dec. soyoil futures contract is trading $0.55 higher at $49.08. The Dec. soymeal futures contract is trading $6.50 per short ton higher at $434.40.

In the outside markets, the NYMEX crude oil is $1.22 per barrel higher, the dollar is lower and the Dow Jones Industrials are 113 points higher.

On Friday, the USDA released its Weekly Export Sales Report. For corn, USDA estimates sales at 958,600 mt vs. the trade's expectations of 250-500,000.

For soybeans, exports totaled 543,600 mt vs. the trade's expectations of 400,000-650,000.

Wheat sales are estimated at 657,400 mt vs. the trade's expectations of 200,000-450,000.

For soymeal, USDA estimated at 197,900 vs. the trade's expectations of 200,000-300,000.

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