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Soybeans Close 15¢ Higher Wednesday

Corn and wheat are followers.

DES MOINES, Iowa -- On Wednesday, it was like the old saying, high tides lift all boats, as the rallying soybean market helped out corn and wheat prices. 

At the close, the Dec. corn futures settled 4 3/4¢ higher at $3.33 1/4, while March futures settled 4 1/4¢ higher at $3.43 per bushel.

Nov. soybean futures ended 15 3/4¢ higher at $9.75 1/2, while Jan. soybean futures closed 15 1/2¢ higher at $9.79.

Dec. wheat futures closed 4 1/4¢ higher at $4.02 3/4.

Dec. soymeal futures ended $6.60 short ton higher at $316.70. Dec. soyoil futures settled $0.02 higher at 33.15¢ per pound. 

In the outside markets, the Brent crude oil market is $0.60 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 29 points lower.

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

  • Export sales of 220,000 metric tons of soybeans for delivery to China during the 2016/2017 marketing year. 
  • Export sales of 264,000 metric tons of soybeans for delivery to unknown destinations 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 the rally is a combination of demand and the rains moving though the Midwest. 

“Farmers want the soils and crops to dry down. They are getting a little worried about disease, and some Southern beans and corn are ready to cut,” Scoville says. 

“Plus, the demand is great,” he adds. “USDA will have to increase exports of beans anyway and cut ending stocks. Ending stocks could go below 200 million bushels.” 

Initial corn yield reports are not as high as expected in the southern Midwest and Mid-South, Scoville says.

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