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Farm markets close higher

12/13/2011 @ 9:57am

DES MOINES, Iowa (Agriculture.com)--With a higher finish, the CME Group corn, soybean and wheat markets used the momentum of the outside markets Tuesday.

The March corn futures settled 1/2 of a cent higher at $5.94 1/2. The Jan. soybean contract settled 6 1/2 cents higher at $11.18 1/2. The January wheat futures closed 6 1/4 cents higher at $6.00 1/2 per bushel.The January soymeal futures contract ended $3.90 per short ton higher at $283.40. The January soyoil futures settled $0.70 lower at $49.25.

In the outside markets, the NYMEX crude oil is $2.61 per barrel higher, the dollar is higher and the Dow Jones Industrials are up 41 points.

Tim Hannagan, PFGBest.com, senior grain analyst, says yesterday's sellers are today's buyers.

"Turn around Tuesday saw yesterday's heavy sellers turn buyers today on profit taking, with talk that the long term forecasts for the end of December in South America look much drier. It's been suggested since October La-Nina, the weather event, would bring warmer and drier- than-normal weather as crops emerge. It's right on time. Last week, each day saw short-covering on breaks with the weather fear. But, we have yet to see buying on top of opening rallies.This could be next, as corn enters pollination late December and beans flower," Hannagan says.


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