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 +

Port Strike Spotlights Corn, Soybean Export… By: 02/27/2015 @ 4:41pm The West Coast dockworkers strike that ended a week ago has highlighted new concerns for the…

Wheat Ends 12¢ Higher, Corn Higher Too By: 02/27/2015 @ 8:39am DES MOINES, Iowa (Agriculture.com)--On Friday, the CME Group's corn, soybean and wheat markets…

Soybeans Seen Extending Week's Gains… By: 02/27/2015 @ 7:33am On Friday, the CME Group's corn, soybean, and wheat markets are expected to start higher. The…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Llamas, Commodity Classic and Photo of the Week
Agriculture.com

FREE MEMBERSHIP!

CLOSE [X]