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Wheat closes higher

Updated: 12/06/2010 @ 2:42pm

CHICAGO, Illinois (Agriculture.com)--Selling and less supportive outside markets kept CME Group corn and soybean prices from gaining any ground Monday. On the other hand, wheat prices continue to see support from world crop concerns.  

The March corn futures settled 5 1/2 cents lower at $5.68. The Jan. soybean contract closed 11 3/4 cents lower at $12.88 1/2. The March wheat futures settled 14 cents higher at $7.93. The Jan. soyoil futures contract ended $0.09 higher at $53.54. The Jan soymeal futures closed $5.10 per short ton lower at $346.50.

In the outside markets, the NYMEX crude oil is $0.16 per barrel higher, the dollar is higher, and the Dow Jones Industrials are down 2 points.

Jack Scoville, PRICE Futures Group vice-president, says corn and soybean prices are trading a little lower on forecasts for some beneficial showers late this week or this weekend in southern Brazil and Argentina, plus a stronger Dollar.  

"Any support from the sales to China in soybeans and to 'unknown' in corn kind of got wiped out by the dollar strength first and the export inspections later. The markets have held support, left from the trade late last week in both corn and soybeans and I think these areas can hold all day," Scoville says. 

The sellers seem unwilling to press too hard, and the buyers must be feeling like they are getting a solid chance to get some near term pricing done, he says.  

"Wheat is feeling selling pressure coming from corn and soybean pits and also the stronger dollar.  A cold week here keeps winterkill ideas alive, although I doubt there will be much, plus it keeps raining in Australia.  Seems like speculative demand in the wheat, and some fund type selling in corn and soybeans.  I have not seen much commercial interest here today, just yet. But, the commercials might turn buyers if the market keeps holding," Scoville says.

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