Old corn price ends higher
DES MOINES, Iowa (Agriculture.com)--Tight supplies helped old-crop corn close higher, while new-crop corn finished lower on better feelings about crop progress Tuesday.
The July futures corn contract closed 5 cent higher at $6.60. New-crop Dec. futures settled 7 cents lower at $5.53. The July soybean futures contract closed 4 cents lower at $15.28, new-crop Nov. soybeans finished 9 cents lower at $13.16. July wheat futures settled 1 cent higher at $7.09 per bushel. The July soymeal futures finished $1.90 per short ton lower at $452.50. The July soyoil futures ended $0.07 lower at $48.59.
In the outside markets, the NYMEX crude oil is $0.34 per barrel lower, the dollar is lower and the Dow Jones Industrials are 97 points lower.
Tim Hannagan, Walsh Trading grain analyst, says the markets are feeling the pressure of better planting paces.
"The USDA's Crop Progress and Condition Reports Monday showed better-than-expected planting progress last week. Plus, a 6-to-10 day outlook for drier conditions has the grains lower," Hannagan says.
For corn, expectations are that the crop will be planted by June 12 and beans 90% complete by the end of next week.
"Fear of abandoned acres are gone and switching from corn to beans looks less likely. With planting fears fading and old crop sales for corn and beans slowing, we're set up for more selling prior weeks end," he says.