Corn, soybeans close mixed
DES MOINES, Iowa (Agriculture.com)--With the exception of a rally in old-crop soybeans, the CME Group farm markets finished lower Tuesday.
The July futures corn contract closed 9 cents lower at $6.40. New-crop December futures finished unchanged at $5.20. The July soybean futures contract ended 13 cents higher at $14.78; new-crop November soybeans closed 4 cents lower at $12.20. July wheat futures closed 5 cents lower at $6.80 per bushel. The July soymeal futures closed $3.40 per short ton higher at $438.70. The July soyoil futures finished 28 cents higher at $49.48.
In the outside markets, the NYMEX crude oil is 68 cents per barrel lower, the dollar is lower, and the Dow Jones Industrials are 79 points higher.
Jack Scoville, PRICE Futures Group vice-president, says it has been a choppy market.
"Near-term tight supplies are supporting July soybeans, while the planting progress is hurting corn and new crop soybeans, so far today," Scoville says.
Wheat is down with corn and on good potential for world crops, he says.
"Funds are selling in general, but buying some July soybeans. Farmers are planting and not talking to brokers in general, so little on offer anywhere for another week or so."
Crops in Indiana have emerged and are looking good, at least for corn, he says. "I am seeing some spec scalping in the market, but no one is too willing to take a longer term position -- just too scared, I think. I am not sure the Bernanke talk did anything to us in grains, it did not feel like it did. All in all, I generally expect weakness in new crop and strength in old crop to continue for a while."