Corn, Wheat Markets End Higher
DES MOINES, Iowa (Agriculture.com)--Wheat and corn CME Group markets settled stronger Tuesday.
The July corn futures contract closed 9 1/2 cents higher at $5.17. The Dec. corn futures finished 9 cents higher at $5.09. The July soybean futures contract closed 3 3/4 cents lower at $14.59. The Nov. soybean futures finished 2 1/4 cents lower at $12.25. July wheat futures closed 10 cents higher at $7.39 per bushel. The July soymeal futures contract finished $1.20 per short ton lower at $477.50. The July soyoil futures settled $0.06 lower at $41.11. In the outside markets, the Brent crude oil is $0.44 per barrel higher, the dollar is lower and the Dow Jones Industrials are 117 points lower.
Mike North, Senior Risk Advisor for First Capitol Ag, says the grains are in a weather market.
"The soybean market is certainly being weighed on by continued discussion of cancellation of soybeans by China and a redirect of those shipments to US shores. The technical picture also weakened as the $15 threshhold was violated. The July will find support in the $14.40 region though, so follow that closely," North says.
Corn and wheat are continuing the conversation of the current weather scenarios…too much sunshine in the Southern Plains, not enough in the Northern Corn Belt, he says.
"Add to that some Ukrainian violence and you have created a nice recipe for a bid in those two markets," North says.