Soybeans close higher
DES MOINES, Iowa (Agriculture.com)--As they started, the CME Group soybean market ended higher, while corn and wheat markets settled lower Wednesday.
The July corn futures settled 7 cents lower at $6.01. The July soybean contract ended 11 cents higher $14.76, and hit as high as $14.96 per bushel. The July wheat futures closed 6 cents lower at $6.26 1/2. The July soymeal futures settled $1.50 per short ton higher at $417.20 and July soyoil futures up $0.34 at $56.03.
In the outside markets, the NYMEX crude oil is $0.70 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 70 points.
Matt Connelly, independent CME Group floor trader, says soybeans have plenty of support, while corn needs some weather help. Soybeans are going higher, with Argentina's crop below 40.0 metric tons. With it too late to change planting decision in U.S., the soybean/corn price ratio will go to 3.0-to-1 in sx /cz. Corn will go higher on weather only. The government has shown us they will not take carryout below 800 million bushels," Connelly says.