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Soybeans close sharply higher

Updated: 06/05/2012 @ 1:36pm

DES MOINES, Iowa (Agriculture.com)--Spec-selling dropped CME Group corn and wheat prices, while poor crop-weather pushed soybeans to a higher close Tuesday.

The July corn contract closed 1/4 of a cent lower at $5.67 1/2 per bushel, while December corn settled 15 3/4 cents lower at $5.08. July wheat finished 15 1/4 cents lower at $6.12 1/2 per bushel. July soybean futures finished 11 cents higher at $13.51 per bushel while the November contract ended 8 3/4 cents higher at $12.77 per bushel. 

In the outside markets, the NYMEX crude oil is $0.08 per barrel higher, the dollar is higher and the Dow Jones Industrials are up 23 points.

Jack Scoville, PRICE Futures Group vice president, says the wheat harvest hurts corn and wheat markets "The weather seems good and wheat is being harvested. So, new crop corn and wheat are down. Those contracts are pressured by more spec-selling vs. cash-selling.  Beans are holding together better with Chinese demand and also some condition issues. Corn and wheat hurt by ideas of increasing world production too," Scoville says.

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