Soybeans End Higher, NYSE Trading Resumed

July 9th, 2015

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Category: Grains, Oilseeds

Beans_Corn_Soy_Lentils450x2(Agriculture.com) – On Wednesday, the CME Group’s corn, soybean, and wheat markets remain mixed.

At the close, the Sept. corn futures settled 1 1/4 cents higher at $4.24 1/2 per bushel, and Dec corn futures finished 1 1/4 cents higher at $4.34 1/4.

Aug. soybean futures finished 4 3/4 cents higher at $9.96. Nov. soybean futures finished 2 1/2 cents higher at $9.88 1/4.

Sept. wheat futures finished 7 3/4 cents lower at $5.77 1/2.

Aug. soymeal futures closed $1.30 per short ton higher at $343.80. Aug. soyoil futures ended $0.17 higher at $31.69.

In the outside markets, the Brent Crude oil market is $0.54 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 275 points lower.

Jack Scoville, The PRICE Futures Group vice president, says that the market is reacting to bullish fundamental news.

“Informa, the private analyst firm, is talking less soybean area in Missouri. Export sales of 240,000 new-crop soybeans to unknown, and just ideas of slow development and more risk for crops has created buying,” Scoville says.

He adds, “It’s kind of an unsubstantiated rally to me. But there are more rains in the forecast, and the forecast seems to be getting wetter for the next week or so. All of that might be enough reason to go higher.”

Shorts not really covering, if they have been placed this week, he says.

“So, I am not sure how far this can go. My idea is that we made a high last week, maybe a seasonal high, but not looking super cool right now.”

The trading was stopped for nearly 3 1/2 hours. Media sources report that the situation in relation to the trading stoppage is “under control.” In other words, the NYSE officials do not see this technical glitch related to a cyberattack.

There is no panic, according to NYSE floor traders reporting to media sources.

The NASDAQ and other trading exchanges are still trading. As a result, the Dow Jones Industrials is updating.

Meanwhile, the NYSE technical troubles happened on the same day United Airlines grounded all flights Wednesday for two hours due to computer glitches.

 

 

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