Soybeans Close Higher, Corn Lower
DES MOINES, Iowa (Agriculture.com)--Crop disease concerns play into the CME Group's soybean rally Tuesday.
At the close, the Dec. corn futures settled 1 cent lower at $3.63.
Nov. soybean futures closed 7 3/4 cents higher at $10.32.
Dec. wheat futures ended 8 1/2 cents lower at $5.55.
Dec. soymeal futures finished $9.30 per short higher at $360.00. The Dec. soyoil futures closed $0.02 lower at $32.12.
In the outside markets, the crude oil is $1.29 per barrel higher, the dollar is higher, and the Dow Jones Industrials are 51 points lower.
Mike North, Senior Risk Advisor for First Capital Ag, says the market is building in disease concerns.
"Certainly, some sudden death syndrome conversations have played into the market. However, we are continuing to see strong spot basis help to lead the soy complex higher," North says. Corn continues to watch benign weather and wait for the next yield update, before it moves off dead center. I suggest fluffing your pillow, corn will be quiet for a while."