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Two-sided trading for markets

03/15/2013 @ 9:58am

The CME Group corn market remains higher, while the wheat and soybean markets drop Friday.

At mid-session, the May futures corn contract is trading 1 cent higher at $7.18. The May soybean futures contract is trading 6 cents lower at $14.28. May wheat futures are trading 3 cents lower at $7.21 per bushel. The May soymeal futures are trading $6.10 per short ton lower at $418.90. The May soyoil futures are trading $0.61 higher at $49.95.

In the outside markets, the NYMEX crude oil is $0.07 per barrel higher, the dollar is lower and the Dow Jones Industrials are 27 points lower.

Jack Scoville, PRICE Futures Group vice-president, says that soybeans were in a recovery mode early today, after the trashing this week.

"But, the soybeans sold off again once the NOPA crush came out less than expected.  The China purchase this morning did not do much for futures because it was new crop.  Soybeans have a problem right now, as ideas are that export demand is not shifting here from South America and the domestic demand was not as strong as expected," Scoville says.  

Bull spreads are weakening, not a good sign for the bulls, he says.  Corn and wheat are a little lower, but the volumes traded are not real big.  

"Corn, perhaps, is the biggest disappointment right now, after finally punching to new highs for the move and then unable to keep it going.  Both seem to be a congestion trade right now.  But not a high volume day anywhere from what I can see," he says.

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