Corn, soybeans close mixed
DES MOINES, Iowa (Agriculture.com)--The CME Group corn, soybean and wheat markets finised mixed Tuesday.
The Dec. futures corn contract closed 1 cent lower at $7.43. Nov. soybean futures contract settled 1 1/2 cents higher at $16.11. Dec. wheat futures settled 5 1/2 cents lower at $8.86 1/2 per bushel. The Dec. soyoil futures contract finished $0.64 lower at $53.53. The Dec. soymeal futures contract finished $3.90 per short ton higher at $488.10.
In the outside markets, the NYMEX crude oil is $.44 per barrel lower, the dollar is higher and the Dow Jones Industrials are 67 points lower.
Jack Scoville, PRICE Futures Group vice president, says the trade is focusing on demand and this Friday's USDA Quarterly Stocks Report.
"There is some talk of new demand for beans, and also the newswires quoting Brazilian sources saying the country will not export until the new crop is supportive as well," Scoville says.
Corn has held up pretty well, all week, with little reason as to why, he says.
"I hear of commercial buying on the breaks. So, maybe they are getting priced. I am not seeing, it but that does not mean it is not happening," he says.
Scoville adds, "We need to start selling wheat, otherwise that market is in trouble! Not much news out there today, after the USDA Crop Progress and condition Report yesterday. It looks like the trade will focus more and more on Friday's data, unless something in the way of news shows up first, he says.