Soybeans Finish 23¢ Higher

(Agriculture.com) – The CME Group soybean market finished up double-digits, while corn ended slightly higher Thursday.

Traders will adjust their long or short status ahead of Friday’s WASDE Monthly Report.

The July corn futures contract finished 2 1/2 cents higher at $5.16. The Dec. corn futures finished 2 cents higher at $5.11. The July soybean futures contract closed 23 cents higher at $14.69. The Nov. soybean futures finished 6 3/4 cents higher at $12.24. July wheat futures closed 2 1/2 cents lower at $7.35 per bushel. The July soymeal futures contract finished $5.80 per short ton higher at $480.70. The July soyoil futures finished $0.29 higher at $41.12. 
In the outside markets, the Brent crude oil is $0.53 per barrel lower, the dollar is higher and the Dow Jones Industrials are 22 points higher.

Jack Scoville, PRICE Futures Group vice-president, says the markets were just getting ready for the USDA reports tomorrow.

“Beans rallying a bit after the big selling this week, but little in the way of supportive news,” Scoville says.  There was a sale announced, but for next year.”

The weekly USDA Export Report Thursday was positive, but all eyes are on USDA and the reports tomorrow and the chance for tight stocks again, he says.

“The big question is how much will USDA raise imports if they raise them at all.  Most ideas are that USDA can go up 20 million bushels pretty easily.”

Wheat backing off a bit on world prices which are under pressure, he says.  Weather still is troublesome for the western HRW, but there is a little rain in the forecast.

Corn is weak which I did not expect today. But, the export sales were bad for sure and even though there is a lot of talk of increased demand and less ending stocks, no one expects a short supply situation over all,” Scoville says