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Farm markets close mixed

Updated: 10/03/2011 @ 4:12pm

DES MOINES, Iowa (Agriculture.com)--After starting lower, then turning higher, the CME Group farm futures markets closed mixed Monday. The grains felt pressure from hard hit outside markets.

The Dec. corn futures settled unchanged at $5.92 1/2. The Nov. soybean contract closed 1 1/2 cents lower at $1177 1/2. The Dec. wheat futures ended 10 1/4 cents higher at $6.19 1/2. The Dec. soymeal futures settled $1.60 per short ton lower at $307.00. The Dec. soyoil futures closed $0.21 lower at $

In the outside markets, the NYMEX crude oil closed $2.01 per barrel lower, the dollar is higher and the Dow Jones Industrials closed 258 points.

All of the markets opened lower, in sympathy with a dry week and harvest expected to progress quickly. Plus,  the usual bearish economic news out of Europe hasn't helped, according to Tim Hannagan, PFGBest.com senior grain analyst. 

"But, a short covering rally is pulling everything up on the day. Most of it comes from the charts as corn overnight hit $5.76 a major point on the charts. Last July, we dropped $1.40 down to $5.76 and turned up and rallied to the year's high on December at $7.78," Hannagan says.

So, this is a point where shorts looked to cover some of their positions, he says. 

Hannagan add, "Remember, we bounced off last Monday's low before turning down. Should we close under $5.76, the next stop is $5.44."

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