Position rolling hurts soybean market
DES MOINES, Iowa (Agriculture.com)--Index rolling is keeping the CME Group soybean market in the red Friday. Corn, wheat feeling negative vibes from the bean pit Friday.
At midsession, the Dec. corn futures contract is trading 3/4 cent lower at $4.22. The Jan. soybean futures contract is trading 8 cents lower at $13.19. March wheat futures are 1 cent lower at $6.51 per bushel. The Jan. soymeal futures contract is trading $3.60 per short ton lower at $424.50. The Dec. soyoil futures are trading $0.02 higher at $40.63.
In the outside markets, the NYMEX crude oil is $0.24 per barrel higher, the dollar is lower, and the Dow Jones Industrials are 141 points higher.
"Today's market action is a classic buy the rumor, sell the fact in soybeans. Today is day-one of index roll. So, front-end of soybeans, soymeal, and soyoil will run into selling," Matt Connelly, independent CME Group floor trader says. "For corn, ethanol demand remains strong, exports OK."