Soybeans Close Higher, Corn Lower
DES MOINES, Iowa (Agriculture.com)--After starting lower, the CME Group soybean market finished higher, while the corn started higher but ended lower Monday.
At the close, the Dec. corn futures settled 5 1/2 cents lower at $3.71.
Nov. soybean futures ended 5 3/4 cents higher at $10.57.
Dec. wheat futures closed 9 3/4 cents lower at $5.54.
Dec. soymeal futures closed $1.60 higher at $355.10. Dec. soyoil futures finished $0.12 higher at $33.33.
In the outside markets, the NYMEX crude oil is $0.92 per barrel lower, the dollar is higher and the Dow Jones Industrials are 165 points higher.
Dustin Johnson, EHedger LLC grain analyst, says the market is focused on technicals and fundamentals.
"I think the September soybeans are gaining strength after the August contract went off the board at such a high level and this is helping the soy complex as a whole. Corn is following wheat lower after hitting a large trendline resistance area. Wheat was lower from the de-escalation in Ukraine," Johnson says.
Helen Pound, Sr. Futures Market Specialist for KCG Futures, says the weather is the market driver Monday.
"This week’s weather forecast seems to be supporting the row crop prices as temperatures are expected to be above normal. A series of scattered showers should offset the warmer temps and provide ideal growing conditions for all areas receiving the rain," Pound wrote in a note to customers Monday.
At least one forecaster expects 85% of the US Midwest to receive beneficial amounts of rain, she writes.
"Weakness in the wheat market can be attributed to the ebb and flow of geo-political worries with a slightly less tense Ukraine/Russia scenario and no upside impact on wheat and corn prices in the Black Sea region," Pound notes.