Old Crop Soybean Prices End Higher

April 9th, 2015

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Category: Grains, Oilseeds

CornSoybeanWheat450x299(Agriculture.com) – On Wednesday, the CME Group’s corn, soybean and wheat markets closed mostly lower.

At the close, the July corn futures closed 3 3/4 cents lower at $3.79 1/4 per bushel. The Dec corn futures finished 3 cents lower at $4.04 3/4 per bushel.
May soybean futures finished 1/2 of a cent higher at $9.71 1/2. Nov. soybean futures closed 2 3/4 cents lower at $9.60 1/2. May soybean meal futures closed $0.20 short ton higher at $319.90. May soyoil futures ended $0.08 lower at $30.95.

May wheat futures closed 1/4 of a cent higher at $5.26 1/4.

In the outside markets, the Brent crude oil market is $2.80 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 7 points higher.

Anne Frick, Sr. VP/Futures Research, Jefferies Bache, LLC, says that there does not appear to be news or much going on.

“I think the USDA may come out tomorrow with a soybean carryover below the average estimate. But, when you are talking about a carryover above 300 mil bu, 20 mil bu one way of the other is fairly meaningless.

It is probably telling that there was news this week about the problem at the port of Santos and it could not provide much if any support,” Frick says.

 

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