Active Day for Soybean Trading

By CnAgri2012-09-06 01:34:06 Print

Soybean futures closed higher on Tuesday after a bullish day of trading. November soybeans set a record of $17.49 while September soymeal traded a high of $554.40 during the day's session. Demand for soy products and continues to support market prices. Spot soybeans are also significantly higher posting a new record high of $17.94 3/4. September soybean closed 6 1/2 cents higher at $17.71 3/4 while November soybeans closed 12 cents higher at $17.68 1/2.

Meanwhile, corn futures closed higher on Tuesday as prices managed to extend their gains throughout the session although lower than midday highs. Prices were pressured slightly after midday on as traders secured profits. September corn closed 5 1/4 cents higher at $8.08 while December corn closed 6 1/4 cents higher at $8.06.

Wheat futures closed randomly mixed across the three exchanges. Wheat prices followed corn and soybeans prices slightly lower on midday profit taking. Weekend rains helped to improve soil conditions as winter wheat planting approaches, pressuring prices at KCBT and CBOT. Also, the higher dollar index was unfavorable for the wheat market as it makes U.S. wheat less appealing to foreign buyers/investors. September wheat at CBOT closed down 4 cents at $8.67 1/4; at KCBT 1/2 cent higher at $8.82; and at MGE 3 cents lower at $9.19 1/2.