Corn, wheat end higher
DES MOINES, Iowa (Agriculture.com)--On a slow trading day, the CME Group corn, soybean and wheat markets ended as they started…mixed Tuesday.
The March corn futures contract settled 1/4 of a cent higher at $4.32. The March soybean futures contract finished 2 1/4 cents lower at $12.85. March wheat futures finished 2 1/2 cents higher at $5.66 per bushel. The March soymeal futures contract ended $2.30 per short ton lower at $428.60. The March soyoil futures closed $0.34 higher at $37.40.
In the outside markets, the NYMEX crude oil is $1.72 per barrel higher, the dollar is higher and the Dow Jones Industrials are 86 points higher.
Jack Scoville, PRICE Futures Group vice president, says wheat has the upside action due to the extreme cold and maybe the Egypt news. "Corn is just choppy, with enough demand here in the US with the cold to keep the market with a little support and zero selling interest from producers," Scoville says.
Beans spreads are falling a bit, more China talk on cancellations but this is getting old with nothing confirmed, he says.
"Mostly spec spread liquidation, I think. We got about half a floor today, as it is pretty cold here and that has made the trade kind of slow," Scoville says.