Soybeans, corn close higher
DES MOINES, Iowa (Agriculture.com)--Much needed rainfall in Argentina is putting pressure on the CME Group soybean market. Corn and wheat markets trade weaker too Monday.
At mid-session, the March futures corn contract is trading 1/2 of a cent higher at $6.90. The March soybean futures contract is trading 20 cents lower at $14.41. March wheat futures trade 9 cents lower at $7.06 per bushel. The March soyoil futures contract is trading $0.61 lower at $49.74. The March soymeal futures are trading $4.90 per short ton lower at $422.00.
In the outside markets, the NYMEX crude oil is $0.28 per barrel higher, the dollar is higher and the Dow Jones Industrials are 50 points lower.
Jack Scoville, PRICE Futures Group vice president, says that it seems like a quiet affair with a lot of guys waiting to see the market's trend. For now, the weakness is more a reflection of crops coming from South America in the bean complex. And all of the snow out in the Great Plains is bearish for the wheat market. Meanwhile, corn is not seeing much, in the way of news," Scoville says.
The soybean export sales, announced this morning, was talked about on Friday and was probably why the market was higher off and on last night, he says.
"Corn keeps holding pretty well despite no news, as the cash market is incredibly strong. Bean complex cash markets are strong too, but the corn is the big deal. Wheat still not real exciting demand wise," Scoville says.
Scoville adds, "The soybean price action is disappointing for a lot of guys looking at our cash markets and demand, but the harvest pace is picking up strong in South America and that seems to have the specs in a selling mood."