Corn ends higher, soybeans lower
DES MOINES, Iowa (Agriculture.com)--The CME Group corn futures settled higher, as soybean and wheat markets ended sharply lower Wednesday.
The July corn futures settled 7 cents higher at $6.04, while the Dec. contract closed unchanged at $5.22. The July soybean contract finished 18 cents lower $13.64, while the Nov. 2012 contract settled 27 1/4 cents lower at $12.55. The July wheat futures closed 20 1/2 cents lower at $6.65. July soyoil futures settled $1.56 lower at $48.90. The July soymeal futures ended $0.60 per short ton higher at $405.60.
In the outside markets, the NYMEX crude oil is $1.85 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 114 points.
Alan Brugler, president of Brugler Marketing & Management LLC, says today's corn market is being supported by the wheat/corn spread.
"With wheat 65-70 cents over corn there won't be much fed this summer. That implies more feeding of corn that we do not have," Brugler says.
Chinese crush margins are negative, with soy oil the lowest since February this week, he says. "They have likely flooded their market with imported beans (trying to buy ahead against the global shortage) and need to slow down for a while and work those supplies into the system. Bean charts are ugly, encouraging fund traders to continue to liquidate money losing long positions," Brugler says.