(Agriculture.com) – On Thursday, the CME Group’s corn, soybean markets used strong weekly export results to finish higher.
At the close, the Dec. corn futures settled 2 1/2 cents higher at $3.64 1/4. January soybean futures closed 2 1/4 cents higher at $8.60. March wheat futures finished 7 1/4 cents higher at $4.92 1/4. Dec. soymeal futures closed$1.00 per short ton higher at $286.60. Dec. soyoil futures closed $0.11 higher at $27.55.
In the outside markets, the Crude oil market is $0.02 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 9 points higher.
Helen Pound, Vice President Wedbush Securities Inc., Futures Division, says that the farm markets have responded to better demand numbers.
“Corn and wheat saw a considerable bump in the pace of export sales with both now above the needed weekly pace, while bean sales continue to slow but are still four times the weekly pace needed to hit the USDA export target for the year,” Pound stated in a daily letter to customers.
USDA Weekly Export Sales shows real strong soybean sales:
Corn= 779,800 mt vs. the trade’s expectations of 450,000-750,000 metric tons. Soybeans= 1.79 million metric tons vs. the trade’s expectations of 600,000-1,125,000 mt. Wheat= 721,900 mt vs. the trade’s expectations of 200,000-350,000 mt. Soybean meal= 247,300 mt vs. the trade’s expectations of between 175,000-300,000 mt.
Pound adds, “The US Dollar is a bit weaker after yesterday afternoon’s release of FOMC minutes indicating that the Fed is likely to allow an increase in interest rates after their December meeting.”
