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Corn closes up 8¢

Updated: 11/11/2013 @ 2:11pm

DES MOINES, Iowa (Agriculture.com)--Based on the USDA's lower-than-expected crop estimates Friday, the CME Group's corn market closed up 8 cents Monday.

At the close, the Dec. corn futures contract closed 8 cents higher at $4.34. The Nov. soybean futures contract finished 2 cents higher at $13.08. Dec. wheat futures finished 3 1/2 cents lower at $6.46 per bushel. The Dec. soymeal futures contract finished $0.20 per short ton lower at $422.10. The Dec. soyoil futures ended $0.18 higher at $40.42.

In the outside markets, the NYMEX crude oil is $1.11 per barrel higher, the dollar is lower and the Dow Jones Industrials are 16 points higher.

See details of USDA's Friday report. 

Jack Scoville, PRICE Futures Group analyst, says that corn and beans are finding some support on ideas that the end of the harvest is coming soon.  "Beans, though, found some selling in the overnight and a bit today after failing to move back above $13.00," Scoville says.  

Scoville adds, "There is some farm-selling being reported, although I am not doing it so I can’t verify.  Not a lot of news with the gov't closed for today."  

The corn report Friday was the least negative or most bullish of the three reports, Scoville says.

"It looks like people feel that the report should have rallied corn and are taking care of that today.  I suspect quite a bit of beans and wheat getting sold against corn today, too.  Lots of people talking about those spreads."  

Overall, it is hard to get excited about up side for any of this, but corn did have a reversal day Friday and the market might have found a low, he says. "Also, wheat is getting competitive in world markets.  Beans seem like a range trade until they get above $1300 level, basis January."

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