Soybeans Close 32¢ Higher Tuesday

The crop losses in Argentina move markets.

DES MOINES, Iowa — On Tuesday, the CME Group’s soybean market closed sharply higher on fund-buying, a weaker U.S. Dollar  and fresh export demand.

At the close, the July corn futures settled 4 1/2 cents higher at $3.89 1/2, Dec. futures finished 6 1/4 cents higher at $3.96 1/2 per bushel.

July soybean futures closed 31 3/4 cents higher at $9.94 3/4, while Nov. soybean futures closed 28 3/4 cents higher at $9.96.

July wheat futures finished 13 1/4 cents higher at $4.94. July soymeal futures settled $12.20 short ton higher at $307.90. July soyoil futures closed $0.84 higher at $35.07. 

In the outside markets, the Brent crude oil market is $1.15 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 34 points higher.

 

Market Related News: Corn, Soybean Basis Not Taking Part In Rally

Jason Roose, U.S. Commodities, says a basket of factors is moving the soybean market sharply higher.

“The rally on soybeans today is a combination of items, smaller Argentina bean crop due to wet weather, continuation of solid export news, and long-term forecasts for a warm and dry summer,” Roose says. “But the overall U.S. & world bean supply is still historically large, and the market is in an overbought territory.”

Private exporters reported to the U.S. Department of Agriculture the following activity:

  • Export sales of 241,516 metric tons of corn for delivery to unknown destinations. Of the total, 65,766 metric tons are for delivery during the 2015/2016 marketing year, and 175,750 metric tons are for delivery during the 2016/2017 marketing year.
  • Export sales of 380,000 metric tons of soybeans for delivery to Mexico. Of the total, 47,500 metric tons are for delivery during the 2015/2016 marketing year, and 332,500 metric tons are for delivery during the 2016/2017 marketing year.
  • Export sales of 105,412 metric tons of soybean cake and meal for delivery to unknown destinations. Of the total, 55,212 metric tons are for delivery during the 2015/2016 marketing year and 50,200 metric tons are for delivery during the 2016/2017 marketing year.

The marketing year for corn and soybeans began September 1, and soybean cake and meal began October 1.

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