After a mild opening, the CME Group soybean market has jumped double-digits Monday.
At mid-session, the March corn futures contract is trading 1 1/4 cents higher at $4.34. The March soybean futures contract is trading 15 cents higher at $12.94. March wheat futures are 4 3/4 cents higher at $5.73 per bushel. The March soymeal futures contract is trading $7.00 per short ton higher at $420.60. The March soyoil futures are trading $0.36 lower at $37.87.
In the outside markets, the Brent crude oil is $0.60 per barrel lower, the dollar is higher and the Dow Jones Industrials are 33 points lower.
Mike North, Senior Risk Management Advisor of First Capitol Ag, says the story is about soybeans correcting.
"Soybeans are doing what soybeans do best…move," North says. The market had seen a large sell off in recent days. They are simply recovering. A good export sale didn’t hurt either. Corn is still catching its breath from Friday."
