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Soybeans Close 12¢ Higher Tuesday

Corn is following soybeans higher.

DES MOINES, Iowa -- On Tuesday, the CME Group’s soybean market closed off its highs but still into double-digits, with short-covering underpinning the trade.

At the close, the December corn futures settled 8¢ higher at $3.54 1/4, while March futures finished 7 1/2¢ higher at $3.62 3/4 per bushel.

November soybean futures ended 12 1/2¢ higher at $10.01 3/4, while January soybean futures settled 12 3/4¢ higher at $10.11 3/4.

December wheat futures closed 5 1/4¢ higher at $4.15 1/4.

December soy meal futures finished $3.80 short ton higher at $315.70. December soy oil futures ended $0.52 higher at 35.31¢ per pound. 

In the outside markets, the Brent crude oil market is $0.07 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 63 points higher.

Jason Roose, U.S. Commodities grain analyst, says the farm markets are seeing a short covering rally today ahead of tomorrow’s crop report.

“Soybeans were getting oversold with a 48¢ break off of last week’s high. We also continue to see flash exports, which will give us support until we have a better idea of final yield on U.S. soybeans and yield estimates in Brazil and Argentina,” Roose says.

On Tuesday, private exporters reported to the U.S. Department of Agriculture export sales of 116,100 metric tons of soybean cake and meal for delivery to the Dominican Republic during the 2016/2017 marketing year.

The marketing year for soybean cake and meal began October 1.

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