Soybean rally ends
DES MOINES, Iowa (Agriculture.com)--After starting double-digits higher, the CME Group soybean market finished lower, as the grains started lower and ended higher Thursday.
The March corn futures contract closed 2 1/4 cents higher at $4.28. The March soybean futures contract finished 3 cents lower at $13.15. March wheat futures ended 5 cents higher at $5.72 per bushel. The March soymeal futures contract ended $2.50 per short ton lower at $432.00. The March soyoil futures closed $0.06 higher at $38.05.
In the outside markets, the NYMEX crude oil is $0.08 per barrel lower, the dollar is lower, and the Dow Jones Industrials are 65 points lower.
Al Kluis, Kluis Commodities, says the soybean market has some support, but corn could trade in a range for a while.
"Regarding the soybean market, nearby demand and little farmer-selling is helping the bull spreads work for now," Kluis says.
For corn, the $4.06 may be a nearby low, but $4.40 will be tough to reach, he says. "For the next couple of months, the corn market could be stuck in a 20¢ to 30¢ trading range."
On Thursday, the USDA released its weekly Export Sales Report. For corn, soybeans, and wheat, the data is market-friendly.