Soybeans stole the show on Tuesday.
“The story of the day in the grain and soy complex was soybeans, which saw front-month contracts close above $10 for the first time in a month today,” Brian Grete, editor of Pro Farmer, said on Farm Journal Radio Tuesday.
There were several reasons for the price surge, which boosted soybean contract prices between 16 and 17 cents. Weakness in the U.S. dollar index helped, as did continuing strong weekly export numbers. So did a solid report from NOPA, which said processors crushed more than 162 million bushels of beans in January.
Listen to Grete's full comments here.
Other grains also finished higher Tuesday, although not dramatically so. “Wheat futures tried to participate in today’s price strength, although buyer interest was limited,” Grete said. “Mild support came from frigid temps that are expected across the U.S. winter wheat areas this week, although it’s hard to get traders too concerned with possible crop damage in the winter months.”
May wheat futures gained less than 3 cents to land at $5.316 on Tuesday afternoon.