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Buying pushes up corn, wheat

Updated: 10/20/2011 @ 2:15pm

DES MOINES, Iowa (Agriculture.com)--The CME Group corn and wheat markets turned in fine bullish performances to close Thursday.

At the close, the Dec. corn futures settled 11 cents higher at $6.49 1/2. The Nov. soybean contract finished unchanged at $12.25. The Dec. wheat futures closed 11 1/4 cents higher at $6.30 3/4. The Dec. soymeal futures finished $1.00 per short ton higher at $320.30. The Dec. soyoil futures closed $0.09 lower at $51.39.

In the outside markets, the NYMEX crude oil is $0.10 per barrel lower, the dollar is lower and the Dow Jones Industrials are up 57 points.

Jack Scoville, PRICE Futures Group vice-president, says the soybean market was lackluster due to less-than-stellar export sales Thursday.

"Soymeal sales were good, but the rest of the soy complex was not strong even with 330,000 sales to China. I think between that and general economic weakness, the soybeans felt pressure."

The market is testing support at $1200, basis the Nov contract, he says. 

"Overall, I view breaks back to $12 or below as chances to buy, especially since we should be getting to near 80% done on the soybean harvest. That is usually about the last of the harvest-selling. So, I am looking for places to start to buy," Scoville says.

Even though the 'bears' tried to lean on the corn market, no farmer-selling, along with strong sales, are underpinning this market, he says. "Overall, someone seems to be buying the corn. I don’t know whom, and it is getting done kind of under cover which probably means strong commercial demand."

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