Wheat closes higher, corn lower
DES MOINES, Iowa (Agriculture.com)--As traders prepare for Friday's USDA November Crop Production and Supply/Demand Reports, the CME Group futures closed mostly lower Thursday.
The December futures corn contract closed 3 cents lower at $7.41. January soybean futures contract settled 11 cents lower at $14.95. March wheat futures finished 8 cents higher at $9.02 per bushel. The December soyoil futures contract settled 14 cents higher at $49.14. The December soymeal futures contract finished $5.80 per short ton lower at $459.20.
In the outside markets, the NYMEX crude oil is 40 cents per barrel higher, the dollar is higher, and the Dow Jones Industrials are 84 points lower.
Alan Brugler, president of Brugler Marketing & Management LLC, says soymeal prices are weak, dragging down soy product value.
"This is also keeping crushers less aggressive on buying beans," Brugler says. CONAB, Brazil's crop supply agency, is using a higher corn production estimate for Brazil than the one USDA put out in October. So, global corn stocks might not drop on Friday's report. On the other hand, the EU issued the most corn export licenses since June 19 in this week's session," he says.
Wheat is higher on ideas that USDA will trim world ending stocks again tomorrow, Brugler says. "Wheat is also getting support from potential upside breakout signals on some of the charts."