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Soy settles higher, corn lower

Updated: 11/30/2010 @ 2:08pm

CHICAGO, Illinois (Agriculture.com)--The CME Group grain commodities settled mostly higher Tuesday, with only corn ending lower. News out of China is that country will import small amounts of corn in 2011, traders say.

The March corn futures settled 9 1/4 cents lower at $5.44. The Jan. soybean contract closed 8 cents higher at $12.51 1/2. The March wheat futures settled 1/4 of a cent higher at $6.90 3/4. The Jan. soyoil futures contract settled $0.78 higher at $51.00. The Dec. soymeal futures contract closed $2.30 per short ton higher at $338.60.

In the outside markets, the NYMEX crude oil is $1.56 per barrel lower, the dollar is higher, and the Dow Jones Industrials are down 15 points.

Jack Scoville, PRICE Futures Group vice-president, says the corn market is the weak sister Tuesday. "I guess we're seeing some spec-selling on no demand news and bigger than expected deliveries.  March is holding its support around 544-545 pretty well though, so I am hoping this is the end of  lower corn"

Scoville adds, "I guess there are some fears that the ethanol tax break might not get renewed this month too, although I think something will get done there."

Soybeans are up on the new sales of 165,000 metric tons and dry weather in Argentina with little help coming. "Brazil seems to be getting enough rain for now.  Wheat is a weather market, with dry here in the Great Plains and lots of rain in eastern Australia supporting things.  We are dead here, so I think volumes overall are light or else it is primarily a fund-driven day," Scoville says.

Meanwhile, news reports Tuesday indicate that China's COFCO Chairman is saying that his country will import little amounts of corn in 2011 because of a record harvest. He says China has plenty of corn. Meanwhile, China soybean imports could grow 5-7% annually, equal to 1-3 million metric tons. The China news story indicates Brazil's supply will fill China's increasing soybean demand. 

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