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Corn ends up, soybeans down

Updated: 01/24/2013 @ 2:45pm

DES MOINES, Iowa (Agriculture.com)--The CME Group corn, soybean markets settled mixed Thursday.

The March futures corn contract settled 3 cents higher at $7.24. The March soybean futures contract ended 1 cent lower at $14.35. March wheat futures settled 6 cents lower at $7.68 per bushel. The March soyoil futures contract finished $0.08 higher at $52.11. The March soymeal futures finished $1.80 per short ton lower at $414.70. 

In the outside markets, the NYMEX crude oil is $0.71 per barrel higher, the dollar is lower and the Dow Jones Industrials are 59 points higher.

Tim Hannagan, Alpari LLC (U.S.) senior grain analyst, says the soybeans were down in early trade after weather reports started to add rain in the forecast for Brazil. 

"Beans were down 22 cents, pulling wheat and corn along. But, corn turned up on the day as funds unwound their long bean/short corn spreads they put on during Tuesday weather rally, as additional part of taking weather premium out." 

The latest weather report had the GFS weather model showing heavy rains for southeast Brazil, he says. The European weather model software keeps it dry. 

"The GFS is a less reliable weather software that flip flops a lot, with the European much more accurate. But, it only takes a threat of rain and profit taking sets in."  

Meanwhile, the markets are squarely focused on rain or no rain scenarios in Brazil. On Thursday, reporters with Gazeta do Povo newspaper in Curitiba, Brazil, indicate a record crop is still in the works. The newspaper's reporters are currently traveling throughout the country, reporting on harvest and the continued growing season.  

"I don´t have any doubt that the harvest will be a record," one of the Crop Expedition reporters stated in an email. At this moment,  soybean potential is estimated at 82.27 million metric tons and corn (summer or first crop) at 35.83 million metric tons."

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