Corn, soybeans end lower
DES MOINES, Iowa (Agriculture.com)--Today's USDA WASDE Reports that changed little of U.S. ending stocks and export estimates helped the CME Group wheat markets finish sharply lower and corn and soybeans slightly lower Tuesday.
The March futures corn contract closed 2 cents lower at $7.28. January soybean futures contract finished 2 cents lower at $14.72. March wheat futures settled 27 cents lower at $8.21 per bushel. The January soyoil futures contract finished 95 cents lower at $50.20. The January soymeal futures contract ended $3.20 per short ton higher at $448.10.
In the outside markets, the NYMEX crude oil is 24 cents per barrel higher, the dollar is lower, and the Dow Jones Industrials are 80 points higher.
Tim Hannagan, Alpari (U.S.) LLC senior grain analyst, says neutral USDA corn/soybean data combined with bearish wheat estimates, has kept trading in a weakened posture Tuesday.
"Wheat had major support at $8.50, ahead of the crop reports release. When we pushed through support, the market triggered sell stops put in place by long-held positions. This pushed wheat down to its next chart support at $8.25. Corn then pushed to new highs on the day up 5 cents as traders unwound their long wheat short corn spreads," Hannagan says.