Soybean, Wheat Markets Close Higher

April 29th, 2015

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Category: Grains, Oilseeds

soybean field & blue sky 450x299(Agriculture.com) – Though it finished well off its highs, fresh export sales, domestic demand, and end of month profit-taking helped the CME Group soybean market close stronger.

At the close, the July corn futures settled 1/4 cent lower at $3.64 1/2 per bushel. The Dec corn futures finished 3/4 cent lower at $3.82 1/4 per bushel.

July soybean futures closed 4 1/4 cents higher at $9.77 1/4. Nov. soybean futures ended 1 cent higher at $9.53.

July wheat futures ended 3 cents higher at $4.76 1/4.

July soyoil futures closed $0.46 lower at $31.38. July soymeal futures settled $3.50 per short ton higher at $317.50.

In the outside markets, the Brent Crude oil market is $0.09 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 59 points higher.

On Tuesday, private exporters reported to the U.S. Department of Agriculture export sales of 390,000 metric tons of soybeans for delivery to unknown destinations during the 2015/2016 marketing year.

The marketing year for soybeans began Sepember 1.

Jacob Burks, Wedbush Futures grain analyst, says that the funds are shifting their weight moving the markets.

“This is another day of watching the traders spread the beans against the corn and wheat. The Committment of Traders Report Friday told the story. Funds have been adding to their large short position in corn and liquidating their short position in beans,” Burks says.

Burks adds, “We did see some export news to support their moves today with a larger sale of new-crop beans going to unknown.”

Regarding the U.S. planting progress, Burks doesn’t see a lot of market impact.

“As of Sunday, we were 6% behind the expectation of the planting progress. But I don’t think the market even cares what that report says anymore.  We can have 5% planted before lunch.”

 

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