Soybeans end 11¢ lower, corn higher
DES MOINES, Iowa (Agriculture.com)--The CME Group soybean market is trading double-digits lower, while the corn market is only slightly higher Tuesday.
The Dec. corn futures contract closed 5 3/4 cents higher at $4.17. The Jan. soybean futures contract finished 11 cents lower at $12.76. Dec. wheat futures finished 8 cents higher at $6.50 per bushel. The Dec. soymeal futures contract ended $6.90 per short ton lower at $408.90. The Jan. soyoil futures finished $0.12 lower at $39.99.
In the outside markets, the NYMEX crude oil is $0.35 per barrel higher, the dollar is lower, and the Dow Jones Industrials are 2 points lower.
Jack Scoville, PRICE Futures Group vice president, says the market sees corn oversold and soybeans overbought.
"I am trying to buy corn and wheat and sell beans these days," Scoville says. "Wheat seems to have a bid, and world prices are moving a bit higher, so worth a shot. Corn is oversold in my opinion, and I am not sure we can trade below $4.00 in the short-term. So, buying a bit there, too. Soybeans can’t rally because we think we are near the end of China buying here," he says. "They might keep buying for a little while longer, but we have sold most of what we are going to sell, or at least that is what the trade thinks. Plus, great weather in South America impacting bean prices much more than corn due to relative size ideas."