Home / Markets / Markets Analysis / Corn market / Soybeans end 11¢ lower, corn higher

Soybeans end 11¢ lower, corn higher

11/19/2013 @ 8:36am

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."

CancelPost Comment

11/19/2013 @ 12:34pm you are all pathetic!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Report Abuse Reply

USDA Data Is Friendly, Soybeans Don't… By: 12/10/2014 @ 10:14am DES MOINES, Iowa (Agriculture.com)—The strong pace of U.S. exports has encouraged the USDA to…

Pre-USDA, Markets Drop Wednesday By: 12/10/2014 @ 8:53am DES MOINES, Iowa (Agriculture.com)--On Wednesday, the CME Group's corn, soybean and wheat…

Corn, Soybeans Seen Extending Gains By: 12/10/2014 @ 5:52am On Wednesday, the CME Group's corn, soybean and wheat markets are expected to start mostly…

This container should display a .swf file. If not, you may need to upgrade your Flash player.
The Future of Livestock Production