Soybeans close slightly higher
DES MOINES, Iowa (Agriculture.com)--Settling just slightly higher, the CME Group soybean market under-impressed the trade on fresh demand Monday. Corn and wheat markets lack demand news.
The March futures corn contract finished 6 cents lower at $7.24. The Jan. soybean futures contract settled 1/4 of a cent higher at $14.96. March wheat futures ended 6 cents lower at $8.08 per bushel. The Jan. soyoil futures contract finished $0.20 lower at $49.79. The Jan. soymeal futures contract settled $2.30 per short ton lower at $455.46.
In the outside markets, the NYMEX crude oil is $0.63 per barrel higher, the dollar is lower and the Dow Jones Industrials are 100 points higher.
Jack Scoville, PRICE Futures Group vice president, says that corn has seen good volume. But, today's trading session has been slow.
"I think funds must be selling corn. Corn just needs some demand and right now it has none, as there are cheaper offers out there around the world. People also talking about feed demand but I think feed demand might get a little better as the wheat grazing will probably not be available this year due to all the problems that crop has had getting established," Scoville says.
Wheat has fallen with corn and also on the lack of demand news over the weekend.
"Our prices are great compared to those around the world and we should be getting the business, but there does not seem to be any business around right now," he says.
Scoville adds, "So wheat worked lower with corn today."
The soy complex has been the disappointing trade today, he says.
"It got demand and there are supposed to be more announcements of new export demand coming, but the weakness in grains has hurt the beans too. Overall, the weakness is a little surprising, as I understand it rained all weekend in Argentina with more coming. Those poor guys can’t buy a break down there. But for some reason that does not seem to be a feature today."