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Corn, soybeans end higher

Updated: 09/04/2012 @ 2:34pm

DES MOINES, Iowa (Agriculture.com)--After pulling back from higher gains, the corn and soybean markets still finished higher Tuesday.

The Dec. futures corn contract settled 5 1/4 cents higher at $8.05. Nov. soybean futures contract closed 11 3/4 cents higher at $17.68 1/4. Dec. wheat futures finished 3/4 of a cent lower at $8.88 1/2 per bushel. The Dec. soyoil futures contract finished $1.14 higher at $58.22. The Dec. soymeal futures contract closed unchanged at $533.40.

In the outside markets, the NYMEX crude oil is $1.03 per barrel lower, the dollar is higher and the Dow Jones Industrials are 23 points lower.

Jack Scoville, PRICE Futures Group vice president, says it's been a very strong market, today, and led by beans. 

"There are rumors of additional Chinese demand. China has reportedly bought a bit over the weekend. Japan bought some corn, but for a year out and is looking at alternatives for nearby feed needs. All in all, harvest is set to expand now after Isaac, and it looks like the rains will not be too big," Scoville says.  

There are some more disappointing yield reports surfacing, with little actually cut, he says.  

"Seems like a quiet day in this office. So, maybe some spec action. But, so far, only limited selling interest from producers who are still not sure what they will harvest. Also, South America weather talk is starting up down there. Not much end-user interest yet, either. The market acts strong and could work higher, most if not, all week," Scoville says.

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