Corn ends lower, soybeans higher
DES MOINES, Iowa (Agriculture.com)--The higher start was unsustainable for the CME Group corn market. But, soybeans and wheat finished higher Tuesday.
The May futures corn contract closed 3/4 of a cent lower at $6.41. The May soybean futures contract finished 3 cents higher at $13.94. May wheat futures closed 9 cents higher at $6.73 per bushel. The May soymeal futures closed $1.50 per short ton lower at $417.80. The May soyoil futures closed $0.01 higher at $50.44.
In the outside markets, the NYMEX crude oil is $0.08 per barrel lower, the dollar is higher and the Dow Jones Industrials are 77 points higher.
Tim Hannagan, Alpari (U.S.) LLC senior grain analyst, says the market is having a tough time with rallies.
"We started the day with 'turn around Tuesday' or profit taking from Monday's big break. Traders still want to sell rallies, ahead of next Wednesday's USDA monthly crop report. That Report is expected to show last Thursday's quarterly stocks increase to the ending stocks."