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Corn, soy end higher

Updated: 06/07/2011 @ 4:41pm

CHICAGO, Illinois (Agriculture.com)--The CME Group farm markets finished mostly higher Tuesday. Wheat prices fell due to the start of the U.S. harvest and improving prospects for the European crop.

The July corn futures settled 4 1/2 cents higher at $7.36 1/2. The July soybean contract closed 10 1/2 cents higher at $13.93 3/4. The July wheat futures ended 10 1/4 cents lower at $7.33 3/4. The July soybean meal futures ended $8.60 per short ton higher at $368.00. July soyoil closed $0.10 lower at $57.93.

In the outside markets, the NYMEX crude oil is $0.25 per barrel lower, the dollar is lower and the Dow Jones Industrials are up 70 points.

As far as the corn close, spreading was heavy and traders were hoping to take advantage of the Goldman Roll, but it went against them slightly, one trader says.

Mexico's purchase of U.S. corn Monday is pushing up corn prices, CME Group floor traders say. Favorable crop-weather is pressuring the markets. The Goldman Roll is underway. Plus, traders will begin positioning themselves ahead of Thursday's USDA Supply/Demand Report.

Jack Scoville, PRICE Futures Group vice-president, says the wheat market was pushed lower on increased Russian and Ukranian export ideas and the rains forecast and falling in Europe.  "The rains probably are coming too late to help a lot, but it might help a small amount," Scoville says.  

Specs seemed to sell wheat and trends are down now. So, we can see more selling this week, Scoville says.  

"Corn and beans still saw most of the buying in the new crop, which is weather and planting pace, not much else," Scoville says.

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