Soybeans end up double-digits
On Tuesday, the CME Group soybean market backed off of its daily highs and still finished sharply higher on weakening crop conditions.
The Sep. corn futures contract settled 3 cents higher at $4.98 per bushel. Dec. corn futures contract finished 6 cents lower at $4.75. The Sep. soybean futures contract closed 11 cents higher at $14.35, while new-crop Nov. soybeans ended 29 cents higher at $13.86. Dec. wheat futures closed 4 cents lower at $6.99 per bushel. The Dec. soymeal futures finished $15.20 per short ton at $438.90. The Dec. soyoil futures closed $0.10 lower at $44.19.
In the outside markets, the NYMEX crude oil is $1.01 per barrel higher, the dollar is higher, and the Dow Jones Industrials are 4 points lower.
Jack Scoville, PRICE Futures Group vice president, says poor looking crop reports and continued unfavorable crop-weather keep the markets supported.
"Corn looks fine, there is a decent crop out there even if it is not a bin buster. But the corn is there, and the southern harvest is moving along in the Delta and Southeast with very good yields, and cash markets are weak," Scoville says.
Soybeans look shaggy, he says. "I saw very uneven fields in Wisconsin, with lots of weeds in fields, too. Hearing the same around the office. Where the rain fell, it was great, but central Illinois and much of Iowa missed to help the beans rally. Brazil is selling again, too," Scoville says.