Grain prices end mixed
CHICAGO, Illinois (Agriculture.com)--The CME Group grain markets closed mixed, soybean prices never climbed out of negative territory Monday
The May corn futures closed 9 cents higher at $7.31. The May soybean contract settled 10 3/4 cents lower at $13.64 3/4. The May wheat futures ended 5 3/4 cents higher at $8.17. The May soymeal futures settled $2.80 per short ton lower at $361.90. The May soyoil futures closed $0.25 lower at $57.33
In the outside markets, the NYMEX crude oil is $0.67 per barrel lower, the dollar is lower, and the Dow Jones Industrials are up 67 points.
Light deliveries that started last Friday, for the March futures contract, are keeping the spreads inversed or old-crop prices higher than new-crop. This is providing strength for the May corn futures prices, one floor trader says. "With tight stocks, I see deliveries staying light. People want to hold onto the physical crop."
Position squaring has some traders buying corn, pushing up prices Monday. Otherwise, the rest of the floor is seeing some profit-taking.