Farm markets end higher
DES MOINES, Iowa (Agriculture.com)--The CME Group corn, soybean, and wheat markets started and finished strong Monday.
The March futures corn contract settled 5 cents higher at $6.85. The January soybean futures contract finished 21 cents higher at $14.10. March wheat futures finished 4 cents higher at $7.51 per bushel. The January soyoil futures contract is trading 31 cents higher at $49.73. The January soymeal futures contract settled $10.30 at $408.50.
In the outside markets, the NYMEX crude oil is 11 cents per barrel higher, the dollar is lower, and the Dow Jones Industrials are 47 points lower.
Jack Scoville, PRICE Futures Group vice-president, says today's market action has much to do with a new week as anything. "We had some corn demand (100,000 tons to 'unknown') and that helped, but it is about time. Otherwise, nothing really all that bullish to talk about as SA weather seems to continue to improve and we've got some chances for rain in the Great Plains." Some spec and commercial buying is occurring, after the big price break.