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Higher close for all grains

12/28/2010 @ 9:43am

CHICAGO, Illinois (Agriculture.com)--The CME Group soybean market trims gains, closes higher Tuesday. Wheat received a shot in the arm from demand, corn closed higher as well. 

The March corn futures closed 8 cents higher at $6.23 1/4. The March soybean contract settled 2 1/2 cents higher at $13.87. The March wheat futures ended 18 cents higher at $7.98 1/4. The March soybean meal futures settled $2.30 higher per short ton at $372.60. The March soyoil futures settled $0.36 lower at $57.39.

In the outside markets, the NYMEX crude oil is $0.23 per barrel higher, the dollar is higher, and the Dow Jones Industrials are up 32 points.

Jack Scoville, PRICE Futures Group vice-president, says it's been a pretty impressive day. 

"Well, weather in Argentina is part of the rally. But, the U.S. sold some wheat to Egypt and we have Iraq and Turkey with new tenders. So, we have a chance to do more wheat sales. Plus, there are wheat problems in China being talked about," Scoville says.  

Meanwhile, farmer-selling seems to be shut off, after completed sales to pay the bills over the last few days, he says.  "Basis in the country is steady to weak."

Ukraine and india are extending export and stocks quotas, although India is concerned about sugar.  

"So, not anything big to push this puppy higher, but nothing real negative out there at all when you are in a tight stocks scenario," Scoville says.

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