Higher finish for commodities
With MF Global pulling money out of commodities, due to its bankruptcy, combined with outside market pressure, the CME Group farm markets had gains capped Tuesday.
The Dec. corn futures settled 1 1/4 cents higher at $5.99. The Jan. soybean contract closed 5 cents higher at $11.53. The Dec. wheat futures ended 2 1/2 cents higher at $5.94. The Jan. soymeal futures settled $1.70 per short ton higher at $293.00. The Dec. soyoil futures ended $0.89 higher at $50.78.
In the outside markets, the NYMEX crude oil is $0.88 per barrel higher, the dollar is lower and the Dow Jones Industrials are down 64 points.
Jack Scoville, PRICE Futures Group vice president, says Tuesday's session of trading was quiet.
"Not much selling and I suppose most of the MF-related selling is over with by now too, except for some residual debris or something. The market is still feeling some heat from Europe and the US Supercommittee failure yesterday, as well as lower government growth projections today."
Trade volume is very light, he says. "There is next to no buying interest around, and we got a holiday coming up. So, I doubt much buying interest will show up. It has been a very disappointing week, as this is normally an up week. But, the world economic scene along with the MF Global mess is keeping buyers away. Sellers are not all that impressive, but buying is even harder these days."