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Corn, soybean prices end mixed

Updated: 11/02/2011 @ 2:08pm

DES MOINES, Iowa (Agriculture.com)--Uncertainty with the world economies and the bankruptcy of the brokerage firm MF Global, resulted in a light volume and lower closing corn, soybean and wheat markets Wednesday.

The Dec. corn futures settled 9 1/4 cents lower at $6.45. The Jan. soybean contract closed 1/4 of a cent higher at $12.02 3/4. The Dec. wheat futures ended 6 1/2 cents lower at $6.23 1/2. The Dec. soymeal futures closed $0.20 per short ton lower at $312.60. The Dec. soyoil futures ended $0.05 higher at $50.85. 

In the outside markets, the NYMEX crude oil is $0.35 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 162 points.

On Wednesday, just as Fed Chairman Ben Bernanke spoke to the media about how the U.S. economic recovery will be frustratingly slow, the already uncertain grain market traders took the Fed's message negatively.

Tim Hannagan, PFGBest.com senior grain analyst, says the markets lack any featured news today. "Beans are playing catch up after a 15 cent lower close yesterday, while corn and wheat closed higher. Corn sees choppy two-sided trading on over-bought conditions from yesterday. But, support from higher crude oil and a lower dollar is helping the grains," Hannagan says.

There is some fear that the negative news out of Greece could surface any time, as that country balks at a bail out for its debt, he says. 

Separately, a CME Group floor contact is saying that MF Global's financial troubles have really cut down the number of people on the trading floor. "It's noticeable. I've seen some guys that had exposure to MF Global had to stop trading, but are back down here today. Others are saying 30% of the volume traded on the floor is from MF Global. So, yes, you are seeing an impact from it all on the floor," the floor spokesman, requesting anonymity, says.

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