Corn ends up, soybeans down
DES MOINES, Iowa (Agriculture.com)--The CME Group corn market closed higher, while soybean and wheat ended lower Monday.
At the close, the May futures corn contract settled 7 cents higher at $7.33.The May soybean futures contract finished 3 cents lower at $14.37. May wheat futures finished 2 cents lower at $7.27 per bushel. The May soymeal futures ended $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 $0.91 per barrel higher, the dollar is higher and the Dow Jones Industrials are 64 points lower.
Jack Scoville, PRICE Futures Group vice president, says the market is trading demand and weather.
"I have not seen much soybeans moving from Brazil which is not a big shock for sure. Meanwhile, U.S. farmers apparently sold what they want to, the basis broke in the country, but now is stable," Scoville says.
The market is eyeing the lack of corn planting progress corn in the south, just too wet and cold.
"Though it's too early to be working in the upper Midwest, even southern Illinois got a foot of snow and is shut down from field prep that would normally be going on. The demand, or lack of it, has hurt the nearby soybean market. Some are talking about bearish new crop plantings estimates for soybeans and corn. But, beans seem to be acting the opposite. Overall, a choppy day with little real direction and we might get a lot more of this this week," Scoville says.