Soybeans Close 12¢ Higher
DES MOINES, Iowa (Agriculture.com)--On Wednesday, the strong CME Group soybean market diverged from a much weaker wheat market.
The May corn futures contract closed 2 cents lower at $4.84. The Dec. corn futures finished 2 1/4 cents lower at $4.84. The May soybean futures contract settled 12 cents higher at $14.40. The Nov. soybean futures contract settled 4 1/2 cents higher at $11.93. May wheat futures finished 11 1/2 cents lower at $6.96 per bushel. The May soymeal futures contract closed $5.40 per short ton higher at $469.10. The May soyoil futures ended $0.01 lower at $40.73.
In the outside markets, the NYMEX crude oil is $0.53 per barrel lower, the dollar is higher, and the Dow Jones Industrials are 15 points higher.
Helen Pound, KCG Futures senior futures market specialist, says Monday's March Planting Intentions Report may already be impacting the markets. "In recent years, Monday’s suite of USDA reports have generated big – surprising - price moves, so traders may not want to add to positions before the reports are released. This leaves futures prices consolidating recent price moves. Funds are quite long, and how they adjust their positions either before or after the report could have a big price impact," Pound says.