Farm prices impress
DES MOINES, Iowa (Agriculture.com)--The CME Group corn, soybean and wheat markets turn in an impressive day of trading Tuesday.
The May corn futures settled 8 3/4 cents higher at $6.57 1/4. The May soybean contract closed 10 cents higher at $13.12 1/2. The May wheat futures ended 15 1/2 cents higher at $6.68 1/4. The May soymeal futures finished $5.70 per short ton higher at $349.30. The May soyoil futures settled $0.06 lower at $54.80.
In the outside markets, the NYMEX crude oil is $1.80 per barrel lower, the dollar is lower and the Dow Jones Industrials are up 15 points.
Tim Hannagan, PFGBest.com senior grain analyst, says end-of-month profit-taking could hit the market Wednesday.
"Tomorrow is the last day of February. So, we can't be surprised if some of these fat, long positions take profits. Support on May corn is $6.48 and May beans have support at $13.00," Hannagan says.
With the March 9 and March 30 government reports ahead, traders continued to build their base bull structure from the crop supply/deman uncertainties, Hannagan says.
"The market is in a holding pattern until March 9 WASDE and March 30 Planting Intentions Reports," one independent CME Group floor trader, requesting anonymity, says.
Lately, the markets have been influenced by the soybean and corn acreage fight, she says.
"If we hold $6.50, corn should test old highs of $6.67. Also, today is first 'position' trade day, resulting in a lot of spread volume," the floor trader says.