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Grain markets close mixed

09/22/2010 @ 9:43am

CHICAGO, Illinois (Agriculture.com)--The CME Group soybean market used solid demand to close higher, corn hurt by profit-taking Wednesday. 

The Dec corn futures closed 1/4 of a cent lower at $5.05. The Nov. soybean contract settled 8 1/2 cents higher at $10.88 1/2. The Dec. wheat futures ended 1 3/4 cents higher at $7.19 3/4.  The Dec. soyoil futures settled 44 points higher at $43.26. The Dec. soymeal futures ended $3.00 higher at $310.40 per short ton.

In the outside markets, the NYMEX crude oil is $0.19 per barrel lower, the dollar is lower, and the Dow Jones Industrials are down 2 points.

Jack Scoville, PRICE Futures Group vice-president, says someone came in and sold 5,000 contracts of corn this morning, deflating a rally. "Even so, if that order had not been around, the market is not really as strong as I had expected it to be."

Scoville adds, "It seems that the weaker US Dollar today is not having the affect that it might have been. Even real strong export sales announcements, overnight, are not doing too much.  So, I am advising a note of caution now." 

Price action is not really poor and trends for corn remain up, but trends for soybeans and wheat are not so strong, he says. "It could be that the market has gone high enough for the moment.  Not seeing any selling from Brazil and not hearing much selling coming from producers either, so this must be spec profit-taking.  But, specs got us here. So, if they decide to get out, that correction that everyone has been waiting for might get going in earnest.  I have not seen a lot of user buying either except for the export sales announcements.  We should close higher today based on the dollar and exports," Scoville says.

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