Corn, Soybean Contracts Close Mixed
DES MOINES, Iowa (Agriculture.com)--On Monday, the CME Group's soybean, wheat markets closed mixed.
At the close, the July corn futures contract closed 1/4 cent lower at $4.65. The Dec. corn futures closed 1 cent higher at $4.58. The July soybean futures contract settled is 7 1/4 cents higher at $15.00. The Nov. soybean futures finished are trading 4 cents lower at $12.29. July wheat futures closed 6 1/2 cents lower at $6.20. The July soymeal futures contract ended $5.80 per short ton higher at $506.00. The July soyoil futures closed $0.19 lower at $38.31.
In the outside markets, the NYMEX Brent crude oil is $0.44 per barrel lower, the dollar is higher, and the Dow Jones Industrials are 23 points higher.
Helen Pound, KCG Futures Sr. Futures Specialist, says the corn and wheat charts show a series of lower highs and lower lows indicating a downtrend but are also close to becoming technically oversold. "Friday’s COT report showed Managed Money Funds continuing to reduce the size of their Long positions, so it wouldn’t be surprising to see price action in corn and wheat continue to look technically oversold until 'investor' Longs were more comfortable with their position size," Pound wrote in a letter to customers Monday.
"On the other hand, Managed Money Funds added Length to their bean positions last week, and charts still show support levels and the uptrend intact."