Soybeans close higher, corn lower
DES MOINES, Iowa (Agriculture.com)--Though the CME Group soybean market finished higher, it traded both sides of zero Thursday.
The May corn futures contract closed 9 1/4 cents lower at $4.78. The Dec. corn futures finished 8 cents lower at $4.80. The May soybean futures contract closed 2 1/2 cents higher at $14.33. November soybean futures ended 1 1/2 cents lower at $11.89. May wheat futures closed 12 cents lower at $7.03 per bushel. The May soymeal futures contract settled $4.50 per short ton higher at $466.50. The May soyoil futures finished $0.79 lower at $41.31.
In the outside markets, the NYMEX crude oil is $0.35 per barrel lower, the dollar is higher and the Dow Jones Industrials are 57 points higher.
"The beans have been crazy all week. Beans have been rallying on tight domestic cash, but the news has been turning with the Brazil beans coming in. I think after the decent export sales and an outsized reaction, funds and commercials are starting to move out. Might be a top, we will see," Scoville says.
Corn and wheat have not been real strong except for wheat early, he says. "Wheat is a weather market and there are signs of rain for eastern Plains this weekend and more about a week later and the cold is not supposed to get as bad as forecast yesterday. Corn has been acting badly, anyway. So, with no support for wheat and beans corn is bad!"
On Thursday, the USDA announced that China bought 120,000 tons of U.S. soybeans for 2014-15. Plus, USDA Weekly Export Sales numbers were released, this morning:
Corn= 745,800 tons vs. the trade's estimate of 300,000-850,000 metric tons.
Soybeans= 639,700 vs. the trade's estimate of 150,000-850,000 metric tons.
Wheat = 597,000 vs. the trade's estimate 200,000-700,000 metric tons.