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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.

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