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Soybeans Close Up 17¢ Tuesday

Corn, wheat follow beans higher.

DES MOINES, Iowa -- On Tuesday, fresh purchases from China and harvest weather underpinned the CME Group’s soybean market.

At the close, the December corn futures finished 3¼¢ higher at $3.40, while March futures settled 3¼¢ higher at $3.50 per bushel.

November soybean futures ended 17¼¢ higher at $9.89¾, while January soybean futures closed 17¢ higher at $9.94¾.

December wheat futures closed 2¢ higher at $4.06.

December soy meal futures finished $2.10 a short ton higher at $313.20. December soy oil futures are 1.01¢ higher at 34.09¢ per pound. 

In the outside markets, the Brent crude oil market is $0.31 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 49 points higher.

On Tuesday, private exporters reported to the U.S. Department of Agriculture export sales of 110,000 metric tons of soybeans for delivery to China during the 2016/2017 marketing year.

The marketing year for soybeans began September 1.

Jack Scoville, The PRICE Futures Group’s senior market analyst, says that today’s market action is weather-driven.

“It is a weather market today for the most part. China buying soybeans helped there, but mostly we are talking rain and harvest delays,” Scoville says. Initial yield reports for beans have been good, Scoville says.

“We just heard from one producer in northwest Ohio who reported his yields are running in the mid-60s bushels per acre, and he is very happy. He had expected 50 to 55 bushels per acre, given the dry weather.”

Scoville adds, “But mostly, this higher trade is about rain in the western Midwest and harvest delays there. Brazil doing some new-crop selling on this rally.”  

“U.S. farmers are calling in to see what they should do. I am telling them to be ready to sell the stuff that will need to be sold at harvest,” Scoville says.

 

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