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183526

Soybean, Corn Prices Close Higher Thursday

Wheat is up too.

DES MOINES, Iowa -- On Thursday, the CME Group’s farm markets chopped around only to finish slightly higher.

At the close, the December corn futures finished 3½¢ higher at $3.57½, while March futures are 3¢ higher at $3.66¼ per bushel.

November soybean futures finished 4¼¢ higher at $10.14¼, while January soybean futures closed 4¢ higher at $10.25.

December wheat futures closed 3¢ higher at $4.14.

December soy meal futures closed $8.50 short ton higher at $327.60. December soy oil futures finished $0.61 lower at 35.11¢ per pound. 

In the outside markets, the Brent crude oil market is $0.48 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 2 points higher.

Darin D. Fessler, senior hedge adviser, says that the markets are up, thanks to China.

“The bean rally is being driven in part by front loading demand from the Chinese and soy meal. Meal now above major moving averages on its way toward the 100-day. Producers should look to take advantage of these opportunities now. South America planting is off to a good start,” Fessler says.

On Thursdy, private exporters reported to the U.S. Department of Agriculture the following activity:

  • Export sales of 129,000 metric tons of soybeans for delivery to unknown destinations during the 2016/2017 marketing year.
  • Export sales of 396,000 metric tons of soybeans for delivery to China during the 2016/2017 marketing year.
  • Export sales of 204,000 metric tons of grain sorghum for delivery to China during the 2016/2017 marketing year.

The marketing year for grain sorghum and soybeans began September 1.

 

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