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Corn finishes higher

Updated: 03/18/2013 @ 4:28pm

DES MOINES, Iowa (Agriculture.com)--The CME Group corn market found strength, at the close Monday.

The May futures corn contract finished is 3 cents higher at $7.20. The May soybean futures contract closed 16 cents lower at $14.09. May wheat futures settled 10 cents lower at $7.12 per bushel. The May soymeal futures settled $5.50 per short ton lower at $413.30. The May soyoil futures closed $0.23 lower at $49.68.

In the outside markets, the NYMEX crude oil is $0.18 per barrel higher, the dollar is higher and the Dow Jones Industrials are 62 points lower.

Tim Hannagan, Alpari LLC senior grain analyst, says the farm markets faced demand pressure and outside market negativity.

"Soybeans lead the way lower. But, all grains started lower last night over the Cypress banking problems and euro- dollar issues pressuring commodities across the board," Hannagan says. 

The USDA Weekly Grain Inspection Report Monday showed all three grains with lower inspected numbers for near term delivery, a suggestion of a slowing demand pace for the week, he says. 

"Beans took a big hit with only 8.9 million bushels inspected for near term export versus the two prior weeks of 17.7 and 40 m.b.

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