Corn, soybean markets remained mixed
BLOOMINGTON, Illinois (Agriculture.com)--The CME Group corn, soybean, and wheat markets have started mixed Monday.
At midsession: The Dec. corn futures contract is trading 3 cents higher at $4.46. The Nov. soybean futures contract is trading 3 cents lower at $12.92. Dec. wheat futures are 8 cents higher at $6.94 per bushel. The Dec. soymeal futures are trading 40 cents per short ton higher at $418.80. The Dec. soyoil futures are trading $0.32 lower at $39.92.
In the outside markets, the NYMEX crude oil is $0.66 per barrel lower, the dollar is higher, and the Dow Jones Industrials are 78 points lower.
Dustin Johnson, eHedger grain analyst, says that with the lack of USDA guidance, the markets are trading the ongoing yield reports and outside markets.
"Yield reports continue to be favorable for corn and decent for soybeans. Wheat seems to be supporting the corn market on more export rumors. Also, i'm sure you saw, but SovEcon is estimating lower Russian planted hectares, which is also helping wheat/corn prices. We still think corn is overvalued at current levels due to the large carryout expected in the U.S.," Johnson says.