Corn, soybean prices end higher
DES MOINES, Iowa (Agriculture.com)--With an increased outlook for Chinese soybean demand, the CME Group corn, soybean, and wheat markets finished stronger Tuesday.
The December futures corn contract settled 4 cents higher at $7.42. January soybean futures contract finished 18 cents higher at $14.12. December wheat futures ended 3 cents higher at $8.45 per bushel. The December soyoil futures contract is trading 43 cents higher at $48.32. The January soymeal futures contract finished $5.00 per short ton higher at $429.60.
In the outside markets, the NYMEX crude oil is $1.22 per barrel higher, the dollar is lower, and the Dow Jones Industrials are 42 points lower.
Alan Brugler, Brugler Marketing & Management LLC president, says the markets bounced from the two-thirds speedline support in the December 2013 corn, and are back above round number support in beans ($14) due to increased Chinese purchases.
"China also halted their reserve sales since the sale price was below the new crop support price. That could result in additional need for imports. A weaker dollar was also aiding commodity prices in general. We are seeing some profit taking in gold and crude oil from their pops on Monday," Brugler says.