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Soybeans finish higher, corn lower

Updated: 03/13/2014 @ 2:28pm

DES MOINES, Iowa (Agriculture.com)--On Thursday, the CME Group soybean market closed higher, while corn and wheat finished lower.

The May corn futures contract settled 3 1/2 cents lower at $4.85. The Dec. corn futures settled at $4.84. The May soybean futures contract finished 9 1/4 cents higher at $13.96. November soybean futures are 3 1/2 cents higher at $11.79. May wheat futures closed 10 cents lower at $6.73 per bushel. The May soymeal futures contract finished $5.40 per short ton higher at $441.90. The May soyoil futures ended $0.43 lower at $42.99. In the outside markets, the NYMEX crude oil is $0.20 per barrel higher, the dollar is higher and the Dow Jones Industrials are 240 points lower.

Jack Scoville, PRICE Futures vice-president, says there is uncertainty as to why the soybean market is higher. "To me, the market was acting weak overnight and in the first part of today.  We got a tight supply situation here, for sure.  It is all soybean meal for now, but why is the question and we are all kind of trying to find out now."

Wheat and corn down as Ukraine is more or less calm, he says. "And the rally from yesterday fading on the export sales report showing as expected or less sales.  Some talk of showers in the Plains this weekend," Scoville says.  

Trends are  trying to turn down in beans, Scoville says. After recent rallies for corn, and wheat, maybe those two markets will find selling pressure, he says  

"Especially if East Europe stays calm.  India is already ramping up to sell this rally according to Reuters, and we might be seeing some highs over there today."

Helen Pound, KCG Futures grain analyst, says the markets are eroding, due to overbought feelings in the market.

"Grain futures have traded both sides of unchanged.  In early trade, the wheat complex extended its range to new recent highs, but after the “pause” ran into resistance at the short term technical indicators began to show overbought conditions," Pound noted in a letter to customers Thursday.       

Weekly export sales were impressive with all the grains showing better sales than needed to hit the yearly USDA export target, she says.  "Note that this report is for the week ended last Thursday, so none of the weekend Chinese bean cancellations are included." 

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