Soybean Prices Close Double Digits Higher Monday
DES MOINES, Iowa -- On Monday, the CME Group’s soybean complex closed with the strength that it traded with all session long. The investors eye the chances for corn farmers to rev up corn planting.
There are multiple forecasters calling for a lot of rain in the Corn Belt, in the 6-to-10-day and 11-to-15-day outlooks.
At the close, the July corn futures finished 1 3/4¢ higher at $3.65 1/2, while December futures finished 1 1/2¢ higher at $3.83 1/2.
July soybean futures closed 10 1/4¢ higher at $9.71, November soybean futures closed 8¢ higher at $9.67 1/2.
July wheat futures closed 1 3/4¢ lower at $4.19 1/4.
July soy meal futures finished $7.00 per short ton higher at $320.60. July soy oil futures closed $0.23 higher at 31.93¢ per pound.
In the outside markets, the Brent crude oil market is $0.42 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 242 points higher.
Jason Roose, U.S. Commodities grain analyst, says that the grains are trading mixed today on a mixed weather outlook.
“Even though the southern states, Illinois & Nebraska will be above average for planting, the other states are behind average which will support the corn short term. Also, the weak dollar and strong exports are giving the corn and beans mild support today,” Roose says.
Deanna Hawthorne-Lahre, co-founder and trader of StatFutures, says that investors have a lot to consider today.
“There’s chatter, today, about the impending Corn Belt rain event, planting progress, and Friday’s Commitment of Traders Report,” Hawthorne-Lahre says.
She adds, “The grain markets are in balance in a trading range. Heavy corn planting done in Illinois, over the weekend, is the titter tatter. Market will swing in this tight range until we get fundamental direction. Keep an eye on bean option volatility.”
Al Kluis, Kluis Commodities, says Monday’s USDA Crop Progress Report should show a continued slow pace of corn planting for last week.
“Nationwide, corn planting, which should be at about 18% by now, will be closer to 13% in the USDA Crop Progress Report that is released at 3 p.m. today,” Kluis says.