Corn, wheat close higher
DES MOINES, Iowa (Agriculture.com)--The CME Group corn market closed out the year higher, soybeans lower Monday.
At the close: The March futures corn contract settled 6 cents higher at $7.00. The January soybean futures contract finished 9 cents lower at $14.08. March wheat futures finished 1 cent higher at $7.80 per bushel. The January soyoil futures contract ended 36 cents higher at $49.30. The January soymeal futures contract finished $5.20 per short ton lower at $422.50. In the outside markets, the NYMEX crude oil is 73 cents per barrel higher, the dollar is higher, and the Dow Jones Industrials are 100 points higher.
Jack Scoville, PRICE Futures vice-president, says that most of the price action has been due to the "fiscal cliff" talks in Washington. "Soybeans were pressured due to good weather in South America. It has been quiet there; I think most of the spec action has been big guys or funds, not much from small guys." Very little producers or user market activity. "Users are keeping an eye on things," he says.
Soybeans completely ignored the weekend sales of 140,000 tons to unknown, preferring the "fiscal cliff" and South American weather.