Corn, Soybeans Prices Rise On Market Strength.

Monday's Closing Grain and Livestock Futures
Dec. corn closed at $7.38 and 3/4, up 11 and 3/4 cents
Jan. soybeans closed at $13.94 and 3/4, up 11 and 1/2 cents
Dec. soybean meal closed at $424.60, unchanged
Dec. soybean oil closed at 47.89, up 84 points
Dec. wheat closed at $8.41 and 3/4, up 3 and 3/4 cents
Dec. live cattle closed at $126.60, up 45 cents
Dec. lean hogs closed at $81.45, up $1.12
Jan. crude oil closed at $89.28, up $2.36
Dec. cotton closed at 72.05, down 68 points
Dec. Class III milk closed at $19.30, up 26 cents
Dec. gold closed at $1,734.40, up $19.70
Dow Jones Industrial Average: 12,795.96, up 207.65 points

 Click to see overnight market prices:  http://www.farms.com/markets

Market News and ReCap 

Soybeans were higher on technical and commercial buying, along with spillover from the outside markets. The dollar was lower with the Dow, gold, and crude oil sharply higher thanks to easing concerns about what has been termed “the fiscal cliff” at the end of the year. Past that – while rainfall in South America will help developing crops, it will also delay planting in parts of Argentina and Brazil. AgRural, via Dow Jones Newswires, reports 67% of Brazil’s soybeans are planted as of last Friday, compared to 53% the previous week and 77% a year ago. Soybean meal was steady to up and bean oil was higher, following the soybean pit. Bean oil had additional support from unknown destination’s purchase of another 20,000 tons of 2012/13 U.S. soybean oil. China should soon be in the market for more soybeans with the National Grain and Oils Information Center announcing it is temporarily halting domestic auctions to procure more new crop supplies.

Corn was higher on commercial and technical buying, in addition to spillover from beans and the outside markets. Corn’s also keeping an eye on the planting delays in South America. Additionally, traders are watching the port congestion in Brazil with deliveries of 1.5 million tons for East Asia delayed for the time being. Ethanol futures were higher. According to Ukraine’s Ag Ministry, the corn harvest is 89% complete with the running total at 17.97 million tons.

The wheat complex was steady to modestly higher on technical and commercial buying, along with spillover from corn, beans, and the outside markets. The complex continues to watch weather across the U.S. Plains and the shrinking global supply, expecting an increase in export demand. USDA reports that as of Sunday, 84% of the winter wheat crop has emerged, compared to 86% a year ago and the five year average of 86% and 34% is rated good to excellent, down 2% on the week and 16% less than this time last year. European wheat was higher on expectations for improving export demand. DTN reports Djibouti bought 120,000 tons of wheat from India for shipment by December 15.