November Soybeans finished up 14 1/2 at 1226 3/4, 13 off the high and 17 1/4 up from the low. January Soybeans closed up 14 1/2 at 1235 1/4. This was 17 1/4 up from the low and 12 3/4 off the high. December Soymeal closed up 5 at 321.5. This was 6.0 up from the low and 1.6 off the high. December Soybean Oil finished up 0.54 at 51.79, 0.56 off the high and 0.73 up from the low. November soybeans saw choppy trade today as the surge higher early in the session was impressive but the market closed well off of the highs and near the middle of the range. Positive economic news from China and a surge higher in energy and industrial metal markets helped to support. Factors which supported soybeans and commodity markets in general this morning include the news from China that the purchasing managers index jumped to 51.1% which was better than expected and a general sense that EU bailout plans for the banks are proceeding ahead which may help lift a negative tone towards the global economy. Weakness in the US dollar and a surge higher in metals, energy markets and the stock market helped to support. Weekly export inspections came in at 41.15 million bushels which was in line with trade expectations and compares with an average of 27.8 million necessary each week to reach the USDA projection. For the weekly crop update, traders see harvest near 80-85% complete as compared with 69% last week. With better weather in Brazil, some analysts are increasing their production outlook to a record high above 75 million tonnes from 74.3 million this past season. Slow farmer selling and strong cash basis levels have added to the positive tone but the market failed to move over Friday’s highs and futures settled back into the close.

Bron: CME