Soybeans Close 16¢ Higher Wednesday

Dow rises 344 points, giving broad-based support.

DES MOINES, Iowa -- On Wednesday, the farm markets used excessive rain in Brazil hampering harvest logistics, combined with broad-based market support to stage a rally.

At the close, the May corn futures settled 8¼¢ higher at $3.82, and December futures finished 7¼¢ higher at $4.01.

May soybean futures closed 16¢ higher at $10.51¾. November soybean futures closed 14¢ higher at $10.32¼.

May wheat futures finished 13¼¢ higher at $4.57.

May soy meal futures settled $2.90 per short ton higher at $339.30. May soy oil futures closed 0.81¢ higher at 34.74¢ per pound. 

In the outside markets, the Brent crude oil market is $0.13 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 344 points higher.

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Tuesday’s Grain Market Review

On Tuesday, the CME Group’s farm futures gave up large gains, once the White House denied any executive order that would shift biofuel blending pressure away from oil companies.

At the close, the May corn futures finished 5½¢ higher at $3.73¾, and December futures ended 5¢ higher at $3.93¾.

May soybean futures settled 13¾¢ higher at $10.35¾, 21¢ off its high. November soybean futures closed 12¢ higher at $10.26, 15¢ off its daily high.

May wheat futures finished 5¢ higher at $4.43¾.

May soy meal futures ended 80¢ per short ton higher at $336.40. May soy oil futures closed 1.30¢ higher at 33.93¢ per pound.

In the outside markets, the Brent crude oil market is 06¢ per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 30 points lower.

DeAnna Hawthorne-Lahre, StatFutures cofounder and trader, says that the funds are in the market.

“The trade rumors are that big-fund buying from overseas is happening in the corn market, and investor managers are getting month-end balance sheets cleaned up,” she says.

Scott Shellady, TJM Investment vice president and floor trader, says that the biofuel news is the fuel for the rally.

“Soybean oil really took off, based upon the biofuel issue. Then the soybean market followed. But for sure, anybody who was short anything was looking to cover.”

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