Soybeans Surge 17¢ Monday

(Agriculture.com) –  On Monday, the CME Group’s soybean complex is providing the impetus for higher all-around grain trading.

At 8:50 a.m., the March corn futures are 4¢ higher at $3.66; May futures are 4¼¢ higher at $3.74.

March soybean futures are 17¢ higher at $10; May soybean futures are 17¢ higher at $10.10.

March wheat futures are 9¾¢ higher at $4.58.

March soy meal futures are $13 per short ton higher at $356.80. January soy oil futures are 0.04¢ higher at 32.00¢ per pound.

In the outside markets, the NYMEX crude oil market is 92¢ higher, the U.S. dollar is lower, and the Dow Jones Industrials are 229 points higher.

Al Kluis, Kluis Commodities, says that the market is reacting to weather in South America.

“The weekend rains were disappointing in Argentina and the extended forecasts are now for drier conditions,” Kluis stated to customers in a daily note Monday.

On Monday, the USDA announced that private exporters reported the following activity:

Cancellations of export sales of 455,000 metric tons of soybeans for delivery to China during the 2017/2018 marketing year

Export sales of 314,000 metric tons of soybeans for delivery to unknown destinations. Of the total, 198,000 metric tons are for delivery during the 2017/2018 marketing year and 116,000 metric tons are for delivery during the 2018/2019 marketing year.

The marketing year for soybeans began September 1.