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Corn, wheat close higher

Updated: 03/19/2013 @ 2:56pm

DES MOINES, Iowa (Agriculture.com)--The CME Group corn, wheat markets finish strong on demand news Tuesday.

News of some U.S. ethanol plants resuming production has sparked ideas of furthering the tightening corn supplies. The May futures corn contract settled at a 6-week high, closing 8 cents higher at $7.28. The May soybean futures contract ended 2 cents lower at $14.06. May wheat futures finished 9 cents higher at $7.22 per bushel. The May soymeal futures settled $1.70 per short ton lower at $411.60. The May soyoil futures closed $0.20 lower at $49.48.

In the outside markets, the NYMEX crude oil is $1.66 per barrel lower, the dollar is higher and the Dow Jones Industrials are 10 points lower.

Jack Scoville, PRICE Futures Group vice-president, says the soybean market has plenty of news to trade.

"I don’t think the news that China is canceling soybean cargoes in Brazil is hurting the prices that much.  It's true that China can’t get the beans out and if they need to buy they might try to buy from the U.S.," Scoville says.

Also, the trade is starting to focus on how many U.S. acres of corn and soybeans will be planted this spring, he says. 

"The ideas are big. So, that is pressuring new crop.  People are also taking a look ahead at the stocks report and expecting tight things.  The nearby acts good and the spreads are stronger. I think there might be some demand out there.  Trying to confirm that now.  After the selling from yesterday on Cyprus, I feel a higher day is in order," he says.

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