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Soybean Market Offers Farmers Selling Opportunity

Corn Ends Higher Too

DES MOINES, Iowa -- On Wednesday, the CME Group’s soybean market is extending gains, pulling up the corn market.

At the close, the December corn futures settled 3¾¢ higher at $3.57½, and March futures finished 3¾¢ higher at $3.67¼ per bushel.

November soybean futures closed 9¢ higher at $9.81½; January soybean futures closed 9¼¢ higher at $9.90½.

December wheat futures finished ¼¢ higher at $4.20¼.

December soy meal futures finished $3.00 per short ton higher at $306.40. December soy oil futures closed 0.33¢ higher at 35.40¢ per pound. 

In the outside markets, the Brent crude oil market is $1.21 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 40 points higher.

Jack Scoville, The PRICE Futures Group’s senior market analyst, says that the markets are surprisingly firm.
“I think this is a bit of a surprise, after the selling seen yesterday,” Scoville says. “We did have the announcement of a fresh soybean sale to unknown destinations, and that was some of the support for today.”

Overall, it seems like the end-user market needs some soybeans and corn and is not getting fed by the producer, Scoville says. 

“I’m hearing of firmer cash basis prices, in the country, but not seeing it really at the Gulf. So, this must be a domestic thing as much as anything.”

On Wednesday, private exporters reported to the U.S. Department of Agriculture export sales of 185,000 metric tons of soybeans for delivery to unknown destinations during the 2016/2017 marketing year.

The marketing year for soybeans began September 1.

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