At the close:
The December corn futures settled 10 3/4 cents higher at $3.75 per bushel. The July '15 corn futures ended 9 3/4 cents higher at $4.03.
November soybean futures closed 35 cents higher at $10.43. The July '15 soybeans ended 35 cents higher at $10.69.
December wheat futures closed 7 1/2 cents higher at $5.38.
For Dec. soybean meal futures, the contract settled $22.10 per short ton higher at $397.20; Dec. soybean oil futures finished $1.39 higher at $34.18.
In the outside markets, the crude oil is $1.23 per barrel higher, the dollar is higher, and the Dow Jones Industrials are 61 points lower.
Mike
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DES MOINES, Iowa (Agriculture.com)—On Wednesday, the CME Group soybean complex is on fire.
At mid-session, the December corn futures are trading 3 3/4 cents higher at $3.68 per bushel.
November soybean futures are trading 23 1/4 cents higher at $10.31.
December wheat futures are trading 5 cents higher at $5.35.
For Dec. soybean meal futures, the contract is $20.80 per short ton higher at $395.90; Dec. soybean oil futures are trading $0.73 higher at $33.52.
Jack Scovile, PRICE Futures Group, says the markets are rallying on soybean meal tightness. "It all seems to be logistal problems in SBM, trouble with the railroads from what I can tell. People want to talk slow farm selling, but I sure can’t find that. My guys all talk about lines at elevators. Farmers are ok with these prices, at least for Soybeans and I think kind of OK on the corn price too. But, talk is that a lot of the SE US guys are doube booking sbm right now. I am very sure they will switch to South America and probably already have, so we are losing domestic business with this rally right now. It could make things turn ugly once the buying runs out. I have no idea when that will be. Seems to be a lot of crap in the market these days and I am thinking that this will hurt the farmers and others down the road."
Mike
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At 9am:
The December corn futures are trading 1 1/2 cents higher at $3.66 per bushel.
November soybean futures are trading 9 1/4 cents higher at $10.17.
December wheat futures are trading 1 1/2 cents higher at $5.32.
For Dec. soybean meal futures, the contract is $8.60 per short ton higher at $383.70; Dec. soybean oil futures are trading $0.70 higher at $33.49.
In the outside markets, the crude oil is $1.11 per barrel higher, the dollar is lower, and the Dow Jones Industrials are 43 points higher.
Mike
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At 8:20am:
Early calls: Corn is 2-4 cents higher, soybeans 5-7 cents higher, and wheat 4-6 cents higher.
Trackers:
Overnight grain, soybean markets = Trading higher.
Brent Crude Oil = $1.11 per barrel higher.
Dollar = Lower
Wall Street = Seen lower.
World Markets = Europe stocks were higher, Asia/Pacific stocks were higher.
More in a minute,
Mike
