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CME Group soybean market closes higher, corn lower

Updated: 07/20/2010 @ 1:56pm

CHICAGO, Illinois (Agriculture.com)--The CME Group grain markets remained under pressure all session, closing mostly lower. Soybean prices found a way to finish higher Tuesday.

The Dec corn futures settled 6 1/2 cents lower at $3.87 1/2. The Nov. soybean contract closed 1 cent higher at $9.73. The Sep. wheat futures ended 5 1/4 cents lower at $5.77. Dec. soybean meal futures finished $3.60 lower at $281.90 per short ton. Dec. soyoil futures settled 45 points higher at 39.19.

In the outside markets, the NYMEX crude oil is $0.62 higher per barrel, the dollar is higher, and the Dow Jones Industrials are up 18 points.

"Technically, these markets remain firm," one CME Group floor trader says. "However, today, we are not rallying. In fact, it's pretty slow. The weather is unfavorable, along with the outside markets. Let's see what happens on the close."

Tim Hannagan, PFGBest.com senior analyst, says prices remain under pressure. "Today, corn hit last Tuesday's low, essentially removing all the weather premium rally from last week. But, soybean lows, today, were 17 cents from last week's low on September futures, keeping further risk on-hand to the downside. Sept. beans have support at $9.60 and $10.00 as first resistance. Sept. corn support is $3.74 today then $3.68 with resistance at $4.00. To break resistance for these markets we need another weather scare."

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