Corn Ends Slightly Higher
DES MOINES, Iowa (Agriculture.com)--The WASDE Report Tuesday estimated less of an average U.S. corn yield than the trade expected. Thus, the corn market closed slightly higher.
At the close, the Dec. corn futures settled 3/4 of a cent higher at $3.69.
Nov. soybean futures ended 13 3/4 cents lower at $10.59.
Sep. wheat futures closed 10 1/2 cents lower at $6.13.
Dec. soymeal futures finished $5.50 lower at $343.50. Dec. soyoil futures settled $0.23 lower at $34.98.
In the outside markets, the NYMEX Brent crude oil is $0.52 per barrel lower, the dollar is higher and the Dow Jones Industrials are 24 points lower.
Sal Gilbertie, Teucrium Trading Inc., sums up the market's reaction to today's WASDE Report.
"Today’s post-report price action in the corn markets has been somewhat muted. Initial bearish reaction to higher total global corn production for the 2014/15 crop year seems to have been offset by lower than expected per acre yields and by increased U.S. domestic old-crop corn use resulting in lowered beginning stocks.
In the wheat markets, a significant increase in global wheat demand is more than offset by an increase in global wheat production, leaving markets somewhat balanced for now, Gilbertie says.
"New-crop soybean ending stocks are slightly higher than expected due to continued expectations of record per-acre yields, confirming the expected replenishment of the balance sheet from extremely tight current levels," he says.
Overall the report confirms a robust global supply outlook for all grains, he says.