Home / Markets / Markets Analysis / Corn market / Corn, soybean close higher

Corn, soybean close higher

03/11/2013 @ 9:49am

CHICAGO, Illinois (Agriculture.com)--The May futures corn contract closed 7 cents higher at $7.11. The May soybean futures contract finished 8 cents higher at $14.79. May wheat futures settled 3 cents higher at $7.00 per bushel. The May soyoil futures contract finished $0.10 higher at $50.44. The May soymeal futures settled $2.80 per short ton higher at $438.00. 

In the outside markets, the NYMEX crude oil is $0.10 per barrel lower, the dollar is lower and the Dow Jones Industrials are 50 points higher.

Jack Scoville, PRICE Futures Group vice-president, says the markets rallied on more logistical problems in Brazil and the fact that Argentine farmers would rather hold on to grain and soybeans and not sell for pesos or whatever the currency is there.  

"Out cash markets remain tight and no one in South America is selling anything.  So, we keep getting what business is out there. Other than that I see no super good reason to rally.  But, until the exports start flowing from the south, the situation here will remain very tight and the down side will be very limited.  Once that changes we can see lower prices for sure," Scoville says.

CancelPost Comment
MORE FROM MIKE MCGINNIS more +

End of an Era for Corn, Soybean Futures:… By: 07/02/2015 @ 9:41am This Monday, the history of corn and soybean markets will change. After being traded on the floor…

Grains, Soybeans Mixed to Close Thursday By: 07/02/2015 @ 8:56am Grains and soybeans were mixed to close the day Thursday. At the open, the September corn…

Corn, Soybean Markets to Edge Higher By: 07/02/2015 @ 6:54am On Thursday, the CME Group's corn, soybean, and wheat markets are expected to start mostly…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Cover Crops-Wildlife Diversity
Agriculture.com

FREE MEMBERSHIP!

CLOSE [X]