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Brazil’s Dry Weather Drives Soybeans Higher Tuesday

USDA will release Crop Condition Report on Tuesday.

DES MOINES, Iowa -- On Tuesday, the CME Group’s soybean market closed higher, as the trade builds in weather premium from a dry Brazil.

At the close, the December corn futures settled 1¾¢ lower at $3.26, and March futures finished ¼¢ higher at $3.38¾ per bushel.

November soybean futures finished 7¼¢ higher at $9.59; January soybean futures settled 7¾¢ higher at $9.63½.

December wheat futures closed ¾¢ lower at $3.98.

December soy meal futures ended $2.70 per short ton higher at $310.10. December soy oil futures closed 0.09¢ higher at 33.13¢ per pound. 

In the outside markets, the Brent crude oil market is $0.24 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 29 points higher.

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DeAnne Hawthorne-Lahre, cofounder of StatFutures, says the soybean market is building in weather premium from Brazil.

“There is a bit of chatter around about some cold weather moving into the U.S. Midwest. Trade volume continues to be solid. But the market is also looking at weather forecasts that keep Brazil dry for the moment. So, the bean market is putting on a bit of a bounce,” Hawthorne-Lahre says.

Corn and wheat continue to be an anchor, she says.

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