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Soybeans Help Corn and Wheat Higher Monday
DES MOINES, Iowa -- On Monday, the CME Group’s soybean market closed higher, carrying corn and wheat up, too. In spite of a USDA report of fresh demand, corn falls.
At the close, the December corn futures settled ¼¢ higher at $3.37¼, and March futures settled ¼¢ higher at $3.47½ per bushel.
November soybean futures closed 6½¢ higher at $9.72½; January soybean futures closed 6½¢ higher at $9.77¾.
December wheat futures finished ¾¢ higher at $4.04.
December soy meal futures finished $1.70 short ton lower at $311.10. Dec. soy oil futures ended 0.85¢ higher at 33.08¢ per pound.
In the outside markets, the Brent crude oil market is $0.37 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 55 points higher.
Private exporters reported to the U.S. Department of Agriculture export sales of 191,000 metric tons of corn for delivery to Mexico during the 2016/2017 marketing year.
The marketing year for corn began September 1.
Deanna Hawthorne-Lahre, StatFuture cofounder and trader, says a wet harvest is being traded.
“Wet harvest weather dominates the story, and the pits are trying to figure out just how Brazil is looking regarding planting corn vs. soybeans,” she says.
Hawthorne-Lahre adds, “Haven't seen a Chinese bean tender in a few days, which makes me think that this higher move may not get legs much from here. Wheat in steady state, as the news in beans dominates for the next two weeks.”
Also, the market eyes the Federal Reserve, with its meeting this week to determine rates, and in turn, the dollar, she says.