Soybeans finish up, corn down
DES MOINES, Iowa (Agriculture.com)--With soybeans finishing higher from demand and crop-weaher support, corn and wheat dropped Tuesday.
The March corn futures settled 3 cents higher at $6.33 3/4. The March soybean contract endede 3 cents higher at $12.55. The March wheat futures closed 7 3/4 cents lower at $6.75 1/2. The March soymeal futures closed $0.40 per short ton lower at $330.10. The March soyoil futures closed $0.03 lower at $53.02.
In the outside markets, the NYMEX crude oil is $0.10 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 78 points.
Matt Connelly, CME Group independent floor trader, says the trade wants to be long soybeans and short corn in new-crop. "That ratio has moved considerably. Also they still like cn/cz corn spread. The cash market is firm, as farmers and commercials wait until mid-March to let loose in my opinion.
Connelly adds, "We are trying to bridge from old crop tightness in corn to most likely a 1.2-1.5 carryout in new crop. Three drought years in a row are highly unlikely, but who knows."
Tim Hannagan, PFGBest.com senior analyst, says that soybeans are the leader off good bean exports the last two days. "Plus, the bean market is getting support from continued dry weather on southern Brazil and expectations for a Chinese bean purchase at the grain trade meetings in Washington this week."