Soybeans end 7¢ higher
DES MOINES, Iowa (Agriculture.com)--After trading mixed most of the day, the CME Group corn, soybean, and wheat markets finished slightly higher Tuesday.
The Dec. corn futures contract settled 1 1/4 cents higher at $4.32. The Nov. soybean futures contract ended 7 3/4 cents higher at $12.79. Dec. wheat futures settled 1/4 cent higher at $6.81 per bushel. The Dec. soymeal futures contract closed $3.90 per short ton lower at $410.80. The Dec. soyoil futures finished $0.61 higher at $40.97.
In the outside markets, the NYMEX crude oil is $0.62 per barrel lower, the dollar is higher, and the Dow Jones Industrials are 100 points higher.
Alan Brugler, president of Brugler Marketing & Management LLC, says the market is still looking for hard data.
"The commercials have an inkling about export sales due to their internal networks. But the rest of the trade only has rumors. The catch-up on weekly export sales data will be important, as will the catch-up on CFTC Commitment of Traders data on November 8. That will definitively answer the question about money leaving commodities for equities," Brugler says.
The seasonal tendency would be for money flows to go to equities between October and March; that is the period when most of the stock market gains have occurred historically, he says.
"On Monday, it definitely felt like some money leaving grains, but livestock were pretty stout. We also have to remember that it is month-end, and the asset allocators are at work selling their winners and buying losers. (I keep looking for them to show up in corn, but maybe there is too much hedge pressure to notice them!)"