Home / Markets / Markets Analysis / Corn market / Corn, soybeans close mixed

Corn, soybeans close mixed

11/28/2012 @ 9:51am

DES MOINES, Iowa (Agriculture.com)--Just as they started, the CME Group corn, soybean and wheat markets settled mixed Wednesday.

The March futures corn contract settled unchanged at $7.64. Jan. soybean futures contract ended 3 cents lower at $14.46. March wheat futures finished 2 cents higher at $8.91 per bushel. The Jan. soyoil futures contract closeds $0.03 lower at $50.38. The Jan. soymeal futures contract finished $0.70 per short ton lower at $432.70.

In the outside markets, the NYMEX crude oil is $0.72 per barrel lower, the dollar is higher and the Dow Jones Industrials are 78 points higher.

Jack Scoille, PRICE Futures Group vice-president, says there is a lot of talk of a short term correction coming.  

"So far, though, no one seems real interested in doing much buying or selling.  I think a move lower will probably find some pretty strong buying interest, as I am trying to get my 'buy side' guys covered on breaks and I am sure I am not alone," Scoville says.  

Farmers are either in the house or workshop, now, or out hunting and not real interested in selling corn or soybeans, which is normal for right now, he says.  

"I think we should rally a bit just on tight supplies.  Lots of talk about the low levels of the Mississippi River now, with people wondering how the market will react," Scoville says.  

The trade is hearing of some basis weakness on the rivers now, but not really anywhere else.  The Gulf seems a bit weaker after the big China soybean purchase Wednesday. 

"So, all-in-all not a lot to talk about except feelings for direction, with some thinking weaker short term and higher longer term," he says.


CancelPost Comment
MORE FROM MIKE MCGINNIS more +

Farmers Are Urged to Adopt Conservation… By: 07/28/2014 @ 2:09pm U.S. farmers need to wake up to adopting conservation measures, world buyers find U.S. corn carries…

Weekly Market Wrap-up: Low Prices Cure Low… By: 07/25/2014 @ 12:16pm   RELATED VIDEO       Low prices, cure low prices…

Wheat Prices Turn Higher By: 07/25/2014 @ 8:45am DES MOINES, Iowa (Agriculture.com)--Even after big, fresh export sales announced, the CME…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Scott Shellady: Options 101