Soybeans lead the way higher
The CME Group corn, soybean, and wheat markets trade higher Tuesday.
In early trading, the March corn futures contract is trading 2 3/4 cents higher at $4.38. The March soybean futures contract is trading 7 cents higher at $12.99. March wheat futures are 4 3/4 cents higher at $5.68 per bushel. The March soymeal futures contract is trading $5.60 per short ton higher at $420.70. The March soyoil futures are trading $0.14 lower at $37.31.
Jack Scoville, PRICE Futures Group vice president, says the charts are positive for the markets, and this has created some spec buying in the last day or so.
"The weather is turning snowy again mostly south of I-80 to keep marketing interest slow. Lots of talk that China has not cancelled anything yet, even though unknown destinations cancelled a bunch last week," Scoville says. China is still closed, anyway, so I doubt we hear much until Friday or next week."
Some in the trade are trying to promote a drought in Brazil, but corn and bean areas should generally be all right, he says.
"A bigger problem for coffee, some sugar, and cotton and maybe cocoa. I think beans got a chance to stall out here, but wheat has the chance to move higher on west Texas dryness, although the region should see some light precip over the next week or so."
Corn looks ready to move higher as well, and could move to $4.65 as a swing objective even with some real strong resistance at 450, he says.
"Farmers are not real interested in selling for the most part in anything, and Brazil remains quiet, at least for me."