Corn, Soybeans Trade Higher Tuesday
Category: Grains, Miscellaneous, Oilseeds
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Agriculture.com) – On Tuesday, the CME Group’s farm markets edge higher.
In early trading, the May corn futures are 1/2¢ higher at $3.68, while December futures are 1/2¢ higher at $3.92.
May soybean futures are 2 1/4¢ higher at $9.40. November soybean futures are 2¢ higher at $9.52.
May wheat futures are 3 1/4¢ higher at $4.31.
May soy meal futures are $1.70 per short ton higher at $309.30. May soy oil futures are $0.08 lower at 31.34¢ per pound.
In the outside markets, the Brent crude oil market is $0.33 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 19 points lower.
Monday’s Grain Markets Review
On Monday, the CME Group’s farm futures closed mixed.
At the close, the May corn futures settled 3½¢ higher at $3.67¾; December futures finished 3¾¢ higher at $3.92.
May soybean futures closed 7¾¢ lower at $9.38¼. November soybean futures ended 3¾¢ lower at $9.50¼.
May wheat futures closed 1¼¢ higher at $4.27¾.
May soy meal futures settled at $0.80 per short ton lower at $307.60. May soy oil futures finished $0.35 lower at 31.43¢ per pound.
In the outside markets, the Brent crude oil market is $0.18 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 82 points lower.
Jack Scoville, The PRICE Futures Group’s senior market analyst, says that good buying is surfacing in the grains and selling in soybeans.
“Soybeans are moving lower in reaction less to the reports and more to the threat of increased selling from Argentine and Brazilian farmers, as the harvest starts to move past the point of no return,” Scoville says.
He adds, “I have not seen much actual selling from Brazil today, but I am sure it is out there. Corn looking at Midwest weather and potential for harvest delays in Argentina. Wheat watching the Ruble and the Black Sea. Specs are buying, and I suspect it is mostly short covering in the wheat market.
