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Soybean ends up double-digits

05/16/2013 @ 8:50am

DES MOINES, Iowa (Agriculture.com)--Farmer-selling, improved U.S. corn planting combined to push the CME Group corn market lower. Meanwhile, tight supply concerns pushed up soybean priceds Thursday.

The July futures corn contract closed 9 cents lower at $6.41. New-crop Dec. futures finished 7 cents lower at $5.24. The July soybean futures contract finished 14 cents higher at $14.27, new-crop Nov. soybeans ended 7 cents higher at $12.17. July wheat futures closed 6 cents lower at $6.87 per bushel. The July soymeal futures closed $4.40 per short ton higher at $414.90. The July soyoil futures settled $0.17 higher at $49.52.
In the outside markets, the NYMEX crude oil is $0.83 per barrel higher, the dollar is lower and the Dow Jones Industrials are 7 points lower.

There seems to be a lot of farmers that are finishing planting corn and then selling cash corn, Al Kluis, Kluis Publishing Co. president/owner says. 

"A lot of cash corn is moving. Another signal of this is that some Midwestern ethanol plants are backing off on their basis levels. Maybe, this is an indication that the plants are getting enough corn, for now," he says. 

In next week's USDA Crop Progress Report, 64% of the U.S. corn could be planted, Kluis says. 

"For Dec. corn futures, $5.20 seems to be a good support price. But, watch out for that July corn premium. It could crash & burn, as more cash corn shows up," Kluis says.

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