Corn ends slightly higher
DES MOINES, Iowa (Agriculture.com)--As the longs remain the strong hands, the traders with short corn positions were squeezed today, resulting in capped gains Tuesday.
The Sept. futures corn contract settled 2 cents higher at $5.33. New-crop Dec. corn futures ended 2 cents higher at $5.02. The Aug. soybean futures contract closed 3 cents lower at $14.33, new-crop Nov. soybeans finished 1 cent lower at $12.42. Sept. wheat futures finished 3 cents higher at $6.58 per bushel. The Aug. soymeal futures settled unchanged at $432.90. The Aug. soyoil futures finished $0.01 higher at $46.83.
In the outside markets, the NYMEX crude oil is $1.69 per barrel higher, the dollar is higher and the Dow Jones Industrials are 73 points lower.
Alan Brugler, President of Brugler Marketing & Management LLC, says there remains a short squeeze in the July corn market.
"Cash prices have been down since Thursday, because it is pegged to the Sept futures," Brugler says
Corn basis also weaker due to elevators unloading July corn rather than roll into the September inverse, Brugler says. "That should clear up in a few days. Meanwhile, there is good demand for old crop beans."
Meanwhile, pork cutouts are strong again this morning, with ribs setting a new all time high, he says.