Soybeans Close 15¢ Higher Monday
DES MOINES , Iowa -- On Monday, the CME Group’s soybean market stole the show, using demand to finish strong.
At the close, the December corn futures settled ¼¢ lower at $3.54, and March futures ended ¼¢ higher at $3.64 per bushel.
November soybean futures settled 15¾¢ higher at $9.78¼, while January soybean futures closed 15¾¢ higher at $9.86.
December wheat futures ended 2¾¢ higher at $4.23¾.
December soy meal futures closed $2.90 short ton higher at $303.50. December soy oil futures closed $1.06 higher at 35.44¢ per pound.
In the outside markets, the Brent crude oil market is $0.40 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 51 points lower.
Jack Scoville, The PRICE Futures Group’s senior market analyst, says that the big news was the huge export inspections for soybeans today; the big demand is holding the complex together.
“Soybean oil prices are up in sympathy, with the big rally in palm oil. The palm oil guys say that palm is rallying with soybean oil, but it is the reverse.”
The consumption data showed less demand last week as expected, but production was down more than expected, and palm oil futures have been higher ever since, Scoville says.
“Wheat and corn saw some spec buying early that seems to have faded as the inspections were not nearly as fun, especially for corn in a relative way. Overall, the market acts good, and I think beans are trying to break out higher. Corn and wheat already have but are heading back a little to test support,” Scoville says.
Jason Roose, U.S. Commodities grain analyst, says that soybean prices remain underpinned by demand.
“Soybeans continue to rally early today on renewed buying interest from China, despite record yields continuing to get reported,” Roose says.
“India’s strong soy oil imports adding to the bean price premium, as open harvest in the Midwest continues,” Roose says.
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