Corn Closes Up 4¢
DES MOINES, Iowa (Agriculture.com)--As they anticipate tomorrow's WASDE Report that could include big crop estimates, the CME Group's soybean and wheat markets finished lower Monday. However, the corn market caught a bid.
At the close, the Dec. corn futures settled 4 3/4 cents higher at $3.68.
Nov. soybean futures closed 11 1/4 cents lower at $10.73.
Sep. wheat futures finished 2 3/4 cents lower at $5.46.
Dec. soymeal futures settled $0.40 lower at $367.50. Dec. soyoil futures ended $0.66 lower at $35.21.
In the outside markets, the NYMEX Brent crude oil is $0.48 per barrel higher, the dollar is higher and the Dow Jones Industrials are 27 points higher.Jack Scoville, PRICE Futures Group vice-president, says the markets are anticipating tomorrow's WASDE Report.
"The big action is in the August beans, where Decatur is now paying +230 Nov. The market is getting squeezed and the question is how long will it last as August goes off the board this week. Maybe another day I guess, then the interest will have to shift to Sep, which is new crop," Scoville says.
Corn is also stronger, even after some great rains over the weekend, he says. "But, I think it is mostly some spec short-covering before the reports tomorrow, plus some talk of good demand."
The wheat is lower on spec-selling tied to the news that Ukraine producers are selling corn and wheat, and reports of strong offers and good quality from Russia, Scoville says.
"Our winter wheat harvest is about over and the spring is coming fine," he says.
Choppy trading is expected, until the WASDE numbers come out at 11:00am CT, Tuesday.
"The production will be big, although USDA might not show all of it until it has more data to work with. I think upside potential should be limited, especially as we will be trading exclusively new crop after August goes off the board. A very low volume session so far today, and I think we stay quiet until 11 tomorrow," Scoville says.