Home / Markets / Markets Analysis / Corn market / Position rolling hurts soybean market

Position rolling hurts soybean market

12/06/2013 @ 8:48am

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."

CancelPost Comment
MORE FROM MIKE MCGINNIS more +

Soybeans Close Higher, Corn Lower By: 08/18/2014 @ 8:39am DES MOINES, Iowa (Agriculture.com)--After starting lower, the CME Group soybean market finished…

Corn Market Seen Higher Monday By: 08/18/2014 @ 8:08am On Monday, the CME Group's corn, soybean, and wheat markets are expected to start mostly…

Summing Up a Head-Scratcher of a Grain… By: 08/15/2014 @ 12:46pm Traders end the week the same way they started it, by scratching their heads. Confusion reigned…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Can Corn Catch Fire in September?