Soybeans close higher
DES MOINES, Iowa (Agriculture.com)--Demand and outside market support helped the CME Group soybean markets Tuesday.
The July corn futures settled 6 cents lower at $6.07 1/4. The July soybean contract finished 7 1/4 cents higher at $14.31 1/2. The July wheat futures ended 1 cent lower at $6.20 1/4. The July soymeal futures closed $3.40 per short ton higher at $397.30. The July soyoil futures are trading $0.11 higher at $56.16.
In the outside markets, the NYMEX crude oil is $1.31 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 189 points.
Steve Kahler, Teucrium Trading analyst, says the farm markets are reversing from Monday's lower trade on lower South American crop estimates.
"Monday's grain markets were pressured by weather related events, specifically rain in the Corn Belt and portions of the Winter Wheat Belt. Forecasted temperatures remain cool in the Southern Plains for the winter wheat crop. On Tuesday, the soybean market reversed Monday's trend reacting positively on talk of a lower Argentinean soybean crop," Kahler says.