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Soybeans Finish Up 13¢ Monday

Corn trades in narrow range.

DES MOINES, Iowa -- On Monday, the CME Group's soybean market started strong, dipped into negative territory, and then roared back to close double-digits higher. Demand and anticipated yield estimates in this Friday’s USDA report have the soybean market gyrating.

At the close, the Sep. corn futures ended 1¢ higher at $3.25 1/4, Dec. futures finished 1/2¢ higher at $3.34 3/4 per bushel.

Sep. soybean futures closed 13 1/4¢ higher at $10.01 1/4, while Nov. soybean futures finished 10 1/2¢ higher at $9.85.

Sept. wheat futures closed 1¢ higher at $4.17.

Sept soymeal futures settled $1.50 short ton higher at $335.90. Sept. soyoil futures closed $0.39 higher at 31.01¢ per pound. 

In the outside markets, the Brent crude oil market is $1.25 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 37 points lower.

Deanna Hawthorne Lahre, co-founder of StatFutures Group, says that the recent soybean business to China continues to underpin the markets, while corn and wheat trade both sides of unchanged.  

"Bull spreading in the beans and wheat dominate the internals today, while the snap back in wheat spreads has been brutal.
Nov beans nearing the $10.00 level, where the battle of late summer will happen.  Bean yields' whispers continue to move higher, so something has to give," she says.  

Hawthorne-Lahre adds, "French wheat harvest is very bad, and has been put into the market, but some questions about Brazilian beans remain in the "pits". Corn crop is big, and little to move the market, unless wheat gets something going on the upside."

 China did it again. For eight straight trading days, private exporters reported to the U.S. Department of Agriculture the following activity:

  • Export sales of 246,000 metric tons of soybeans for delivery to China during the 2016/2017 marketing year.
  • Export sales of 162,569 metric tons of corn for delivery to Mexico during the 2016/2017 marketing year.

The marketing year for corn and soybeans began September 1.

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