IARN — A solid close for soybean futures on Monday at the Chicago Board of Trade.
Soybeans had sharp gains at the bell with the January contract up 16 ¼ cents at $12.47 per bushel, while the March contract was 16 ½ cents higher at $12.56 ¼. Bill Moore, senior account executive with PRICE Futures Group, provided analysis on the Monday trade during IARN’s Closing Market Podcast.
“Pretty much the harvest lows are in,” said Moore. “The market stopped going down. That doesn’t mean it has to go up. It just means it’s going to be sideways or higher. That’s a good thing. I see a combination of sideways to higher the next few weeks until we get this harvest done with. The bean market has been the lagger. It didn’t make lows until about 10 days ago and the market – once it made those lows after that October WASDE report – jumped up and it’s sitting right now at 50 cents over that point.”
For corn futures, both the December and March contracts settled unchanged Monday afternoon. December was at $5.38, March $5.46 ¾ per bushel. Meanwhile at the Chicago Mercantile Exchange, live and feeder cattle futures were both sharply higher, while lean hogs closed mixed.
To reach Bill Moore, call his cell phone at 630-947-5176, or you can email wmoore@pricegroup.com.
Story courtesy of the Iowa Agribusiness Radio Network.
