DES MOINES, Iowa (Agriculture.com)--Due to a closing sell-off, the CME Group corn and wheat markets finished only slightly higher and soybeans sharply lower Tuesday.

The July corn futures settled 3 cents higher at $6.23. The July soybean contract ended 27 1/2 cents lower $14.38 1/4. The July wheat futures closed 3 cents higher at $6.15. The July soymeal futures closed $9.20 per short ton lower at $417.30 and July soyoil futures closed $0.31 lower at $53.27. 
In the outside markets, the NYMEX crude oil is $1.46 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 123 points.

Alan Brugler, President of Brugler Marketing & Management LLC, says the market is pushing higher on tight corn supplies. The May contract is signaling potential to reach over $7.00 per bushel.

"For May corn, closes above $6.85, on the weekly chart, would open the way to $7.12. As I tell my clients "Carries are finite, but inverses are infinite". If you get full carry, selling dries up in the nearby and prices rally away from full carry. In an inverse, when there is no supply to pull forward from the back months, there is no limit to how high prices can go, convincing users to substitute wheat, DDG or something else for the corn," Brugler says.