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260695

Soybeans Close 23¢ Higher Monday

Corn and wheat finished strong too.

DES MOINES, Iowa -- On Monday, the CME Group’s farm markets held on to their upward momentum throughout the day’s trading session.

Along with price-supportive hot/dry weather, outside investors are switching bets that the market will go lower to bets that the markets will go higher. A lot of that mentality is driven by drought conditions in the northern Plains states that could be creeping into western Corn Belt states.

At the close, the September corn futures finished 9½¢ higher at $4.02, and December futures settled 10¢ higher at $4.14¾.

August soybean futures finished 23¾¢ higher at $10.24¾; November soybean futures finished 23¾¢ higher at $10.39½.

September wheat futures closed 15¢ higher at $5.50.

August soy meal futures settled $7.50 per short ton higher at $338.20. August soy oil futures finished 0.83¢ higher at 33.68¢ per pound. 

In the outside markets, the Brent crude oil market is $0.30 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 18 points higher.

Jason Roose, U.S. Commodities grain analyst, says that the soybean market is responding to weather concerns.

“Prices are trading sharply higher today with a warmer, drier weather forecast that could possibly slow crop development. Monday’s USDA crop ratings are anticipated to drop 1% to 2%, which is adding to the short-covering,” Roose says.

 

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