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Corn, soybeans stay higher

Updated: 02/01/2011 @ 11:09am

CHICAGO, Illinois (Agriculture.com)--At mid-session, a sharply lower U.S. Dollar combined with stronger demand keeps the CME Group corn and soybean markets higher Tuesday.

The March corn futures are 4 cents higher at $6.63 1/2. The March soybean contract is 14 cents higher at $14.27.  The March wheat futures are 2 3/4 cents lower at $8.38. March soybean meal futures are $4.40 higher per short ton at $384.70. The March soyoil futures are $0.38 higher at $58.28.

In the outside markets, the NYMEX crude oil is $0.79 per barrel lower, the dollar is lower, and the Dow Jones Industrials are up 107 points.

USDA announces Tuesday that 120,000 metric tons of U.S. corn was sold to 'unknown' for 2010-11 delivery. Also, 110,000 mt of U.S. soybeans were sold to 'unknown' for 2010-11. And 20,000 metric tons of U.S. soy oil sold to China for 2010-11 delivery.

The 2010/2011 marketing year for corn and soybeans began September 1; soybean oil began October 1.

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