(Agriculture.com) – On Thursday, the CME Group’s corn, soybean, and wheat markets closed mixed. Soybeans gained strength from China’s signed agreements for billions of dollars of U.S. soybeans.
At the close, the Dec. corn futures settled 1 3/4 cents lower at $3.81 1/2. Nov. soybean futures finished 4 1/2 cents higher at $8.68.
Dec. wheat futures are 10 1/4 cents lower at $4.97 1/4.
Dec. soymeal futures finished $0.10 per short ton lower at $301.90. Dec. soyoil futures closed $0.64 higher at $27.18.
In the outside markets, the Brent Crude oil market is $0.15 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 129 points lower.
More than a dozen Chinese soybean buyers agreed to purchase $5.3 billion worth of U.S. soybeans today in Des Moines, according to the Iowa Soybean Association press release. The agreements amount to 484 million bushels.
“This comes at a perfect time, as Iowa farmers begin to harvest what’s expected to be a record crop,” says Grant Kimberley, Iowa Soybean Association (ISA) market development director.
“Government estimates peg Iowa soybean production at 526 million bushels, up 2% from the August forecast. U.S. soybean production is forecast at 3.94 billion bushels, a near record,” the ISA press release states.
Jack Scoville, PRICE Futures Group vice president, says that the soybean market is ignoring the weaker Real and concentrating on the good export sales report today.
“Plus, the market is eyeing the Chinese delegation’s visit to Des Moines to sign purchases of soybeans. So, demand news has been supporting the beans today and now the recovery in the Real is helping,” Scoville says.
The corn and wheat markets are weaker on the bad export news, but holding support, he says.
“I find that the corn yields are a little disappointing, and I kind of want to buy it. So, I have been talking it up, and wheat too, mostly for chart-based reasons. Plus, the bear news in wheat is getting old to me. Been quiet today, but volumes are picking up.”
