DES MOINES, Iowa — On Monday, the CME Group’s soybean market closes nearly double-digits higher. At the close, the March corn futures settled 1½¢ lower at $3.63¾, and new-crop December 2017 futures finished ¾¢ lower at $3.92 per bushel. March soybean futures finished 9¢ higher at $10.36, while November 2017 soybean futures ended 7¼¢ higher at $10.17.
March wheat futures finished 7¾¢ lower at $4.22½. March soy meal futures closed $1.20 per short ton higher at $332.80. March soy oil futures closed $0.58 higher at 34.44¢ per pound. In the outside markets, the Brent crude oil market is $0.77 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 30 points lower.
DeAnne Hawthorne-Lahre, StatFutures cofounder and trader, says that the crop-weather in South America could be supportive. “The soybean strength is most certainly from rains in Argentina and Brazil that could possibly become a problem. Plus, the U.S. export buying continues to be strong. Markets are flatlined and waiting for some guidance from WASDE, but most of the traders are waiting for the USDA Acreage report at the end of March,” she says.
Al Kluis, Kluis Commodities, sees the soybean market putting in a low if the market can finish higher than it started today. “After two weeks down in the soybean market and with Asia getting back to work this week, we are likely to again see some huge soybean export sales,” Kluis told customers in a daily note.
Agriculture.com