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Soybeans Close 7¢ Higher Thursday

Corn and wheat finished mixed.

DES MOINES, Iowa -- On Thursday, the CME Group’s soybean market returned some of its double-digit gains, while still finishing higher.

At the close, the December corn futures closed 2¾¢ higher at $3.43½, and March futures finished 2¼¢ higher at $3.52 per bushel.

January soybean futures closed 7¢ higher at $9.98, trading as much as 13¢ higher throughout the session. March soybean futures finished 8¢ higher at $10.06½.

December wheat futures closed 2¢ lower at $4.04¾.

December soy meal futures finished unchanged at $311.40. December soy oil futures closed 0.46¢ higher at 34.77¢ per pound. 

In the outside markets, the Brent crude oil market is $0.54 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 241 points higher.

On Thursday, separate from the USDA’s Weekly Export Sales Report, private exporters reported to the U.S. Department of Agriculture the following activity:

  • Export sales of 126,000 metric tons of soybeans for delivery to China during the 2016/2017 marketing year. 
  • Export sales of 140,000 metric tons of corn for delivery to Saudi Arabia during the 2016/2017 marketing year.

The marketing year for corn and soybeans began September 1.

Jack Scoville, The PRICE Futures Group’s senior market analyst, says that euphoria that the election is over supported grain prices.

“Trump is expected to be good for business, which is why stocks and the dollar are rallying. I am not so sure that will end up being true, although I am sure that is his aim. 

Scoville adds, “Today’s weekly export sales report was just decent for soybeans, but good for corn and wheat and the reason those markets found some strength. Some selling, some from producers and some from specs, taking markets off highs right now. It’s been a decent volume day.” 

Look for commercial buying, if the market breaks back, he says. “We still got a lot of product to move, mostly beans and corn, and the commercial is thought to need to buy.”

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