Soybeans, wheat end higher
DES MOINES, Iowa (Agriculture.com)--After starting weaker, the CME Group soybean and wheat markets closed higher Tuesday.
The March corn futures contract settled 1 1/2 cents lower at $4.41. The March soybean futures contract finished 9 1/4 cents higher at $13.34. March wheat futures finished 5 1/2 cents higher at $5.90 per bushel. The March soymeal futures contract closed $5.20 per short ton higher at $449.20. The March soyoil futures finished $0.12 higher at $38.85.
In the outside markets, the NYMEX crude oil is $0.15 per barrel lower, the dollar is higher and the Dow Jones Industrials are 208 points higher.
"It is a quiet day as we unwind yesterday’s report. Corn lost steam yesterday and following through today," Mike North, Senior Risk Advisor for First Capital Ag.
Beans are unwinding the larger sell-off that was seen yesterday, he says. "But, any push upward will be capped by large SA production projections and cooperative forecasts."
Wheat is still working its way back from extended sell-offs.
Jack Scoville, PRICE Futures Group vice-president, says the markets started weaker and then firmed up.
"For soybeans, we keep hearing of Chinese cancellations, but nothing ever shows up. We heard yesterday that China cancelled 100,000 tons of SBO buys in Brazil, too. But nothing ever gets confirmed so we bounce. Basis has generally been weaker, although the Gulf did firm a bit overnight," Scoville says. D
Domestic supplies are still pretty tight and farmers are not selling much, so far this week, and that helps the ups side as well, Scoville says.
Corn is weaker after failing at $4.49 March yesterday.
"I think we are perhaps seeing a pick up in farmer-selling. Plus, some talk we got to the upper end of the range and hurt the domestic demand and export demand a bit. Coming back off now to find some buyers."
Wheat is still trading on a mostly firm note, with ideas of good demand, but with no real conviction even there. Plus, there is some talk we are going to price out of demand if we keep moving higher."
Been a generally boing day here today with buyers and sellers in the cash market not doing much with me, anyway, and even the specs not super interested for me.