Corn ends higher, soybeans dip
DES MOINES, Iowa (Agriculture.com)--Just as they started the session, the CME Group corn and soybean markets closed higher and lower respectively Monday.
The May corn futures settled 5 3/4 cents higher at $6.60 3/4. The May soybean contract ended 8 cents lower at $13.25. The May wheat futures settled 2 1/2 cents lower at $6.72. The May soymeal futures finished $0.90 per short ton lower at $358.20. The May soyoil futures settled $.35 lower at $53.73.
In the outside markets, the NYMEX crude oil is $0.06 per barrel higher, the dollar is lower and the Dow Jones Industrials are down 29 points.
Jack Scoville, PRICE Futures Group vice president, says the markets started the week off pretty slow.
"The corn rally seems to be chart-based, as all the demand news was over in wheat. Plus, the Chinese said over the weekend that near term demand is not in the cards unless prices drop quite a bit, hurting today's soybean market," Scoville says.
Plus, farmer-selling has pressured the soybean market, he says. Wheat is having trouble even with some demand news, Scoville says. "But, chart patterns are generally positive. It is hard to get too excited about the upside looking at the fundamentals, but both corn and wheat act like they want to run."
On the other hand, soybeans act like maybe they need to relax a bit, Scoville says.
"So, we will see who wins, but my bet is on a choppy and weaker week of markets," he says.