The CBOT corn market closes higher, soybeans and wheat lower
 
By Mike McGinnis
Agriculture Online Chicago Markets Bureau Chief
 
2/09/2010, 1:28 PM CST
 
 

CHICAGO, Illinois (Agriculture.com)--A lack of follow-through buying interest and stronger outside markets tumbled CBOT soybean and wheat markets Tuesday. However, the corn market used a stronger crude oil market for support to finish higher.

The CBOT March corn futures closed 2 1/2 cents higher at $3.58 1/2 per bushel. The March soybean contract finished 5 cents lower at $9.24 1/2 per bushel. The March wheat futures ended 1 3/4 cents lower at $4.82 1/4. The March soymeal futures settled $3.80 lower at $270.60 per short ton, and soyoil 43 points higher at $38.38.

In the outside markets, the NYMEX crude oil market is $1.85 higher, the dollar is lower, and the Dow is 145 points higher.

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"It has been a perplexing day but some clarity is emerging, at least in some of the pits. Notice oil and corn are higher despite mostly lower prices elsewhere. The strength in oil and corn is likely linked with the big rally in crude oil. Higher crude oil means more demand for alternative fuels, such as bio fuels like ethanol made from corn or bio diesel fuel made from bean oil. Oil is gaining sharply on a spread basis vs meal again today," says Grainanalyst.com floor trader and market analyst Vic Lespinasse.



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