Corn, soybeans finish unchanged
DES MOINES, Iowa (Agriculture.com)--With corn and soybeans finishing unchanged, and the CME Group wheat market double-digits lower, the market is now squarely focused on Monday's USDA Planting Intentions Report.
The May corn futures contract settled unchanged at $4.92. The Dec. corn futures settled 3/4 of a cent lower at $4.87. The May soybean futures contract finished unchanged at $14.36. The Nov. soybean futures settled 2 1/4 cents lower at $11.90. May wheat futures finished 15 cents lower at $6.95 per bushel. The May soymeal futures contract closed $2.10 per short ton lower at $468.40. The May soyoil futures closed $0.05 higher at $40.48.
In the outside markets, the Brent crude oil is $0.34 per barrel higher, the dollar is lower and the Dow Jones Industrials are 35 points higher.
Jack Scoville, PRICE Futures Group vice-president, says that nearby beans are higher on the tight supply scenario that we all expect to be confirmed by USD on Monday, new crop down on the big acreage ideas.
"Corn is having a choppy day, not a touch higher in low volume. No one really doing much in futures, although I am seeing a lot of people buying short-dated and nearby options just in case."
Scoville adds, "Lots and lots of worry on the stocks report side, but everyone expected low planted area and willing to support the new crop a bit."
Wheat is still a weather market and where all the action is today, he says. Wheat is down pretty good as the Great Plains weather has improved and on some talk of Canadian wheat really being moved down here. Plus, no bad news in eastern Europe today, in fact the pace in the Black Sea is as strong as ever. Lots of spec selling over there. Corn and beans are pretty dead and have been all day."