Soybeans end slightly up
DES MOINES, Iowa (Agriculture.com)--Profit-taking kept the corn, wheat markets lower and the lid on soybean gains Tuesday.
The Dec. futures corn contract closed 5 1/4 cents lower at $7.95 1/2. The Nov. soybean contract finished 3 1/2 cents higher at $17.22. Dec. wheat futures settled 5 3/4 cents lower at $8.75 1/2 per bushel. The Dec. soyoil futures contract closed $0.17 lower at $56.39. The Dec. soymeal futures contract ended $3.10 per short ton higher at $521.80. In the outside markets, the NYMEX crude oil is $0.84 per barrel higher, the dollar is lower and the Dow Jones Industrials are 7 points lower.
Tim Hannagan, Alpari (U.S.) senior grain analyst, says it's profit-taking week for funds.
"This is the last chance for funds to take long profits and pay bonuses, before they re-enter in the new month next week buying ahead of the Sept. 12 USDA Crop Report," Hannagan says.
The funds take profits off of all raliies, he says.
"They sold the 30 cent bean gain, Sunday night, and the higher open last night. So far, we have dropped, from Sunday's highs, 60 cents on beans into today's sharp drop. Plus, we have dropped 30 cents on corn and 29 cents on wheat," Hannagan says.
The bounce off of the lows today is those who went short taking their profits, he says.
"End-of-month is always about balancing the account. When we return next week there's only six trading days to get positioned ahead of the crop report that will be feared to be bullish," Hannagan says.