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Soybeans Close 7¢ Higher Monday

Wednesday’s WASDE Eyed.

DES MOINES, Iowa -- On Monday, the CME Group’s soybean market, closing higher, sent a signal to traders that this week’s USDA WASDE Report is expected to be market-friendly.

On Wednesday, the USDA will release its November WASDE Report at 11:00 a.m. CT. The trade expects the soybean data to be market-friendly.

At the close, the December corn futures settled 2½¢ lower at $3.46¼, while March futures finished 2¼¢ lower at $3.46¼ per bushel.

November soybean futures closed 7¾¢ higher at $9.89¼, while January soybean futures ended 7¾¢ higher at $9.98½.

December wheat futures ended 4¼¢ lower at $4.10.

December soy meal futures closed $2.90 a short ton higher at $311.90. December soy oil futures are 0.08¢ higher at 34.79¢ per pound. 

In the outside markets, the Brent crude oil market is $0.28 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 337 points higher.

Private exporters reported to the U.S. Department of Agriculture the following activity:

  • Export sales of 172,000 metric tons of corn for delivery to unknown destinations during the 2016/2017 marketing year. 
  • Export sales of 132,000 metric tons of soybeans for delivery to China during the 2016/2017 marketing year. 
  • Export sales of 135,000 metric tons of soybean cake and meal for delivery to the Philippines during the 2016/2017 marketing year.

The marketing year for corn and soybeans began September 1 and for soybean cake and meal, October 1.

Jack Scoville, The PRICE Futures Group’s senior market analyst, says that the higher soybean market is a demand play. 

“The U.S. sold soybean meal to the Philippines and soybeans to China, and that has been helping support the market,” Scoville says. “We should be north of 80% done on harvest as well. So, the bin doors are getting locked up. It is a pretty quiet day, with no one willing to do much before the elections tomorrow and USDA on Wednesday.”

Scoville adds, “That has helped the beans make an even bigger move than might have otherwise been the case. Corn and wheat markets fall. I think the dollar is hurting those puppies a bit.”

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