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Corn, Soybeans Close Higher Tuesday

Chicago wheat futures closed lower Tuesday as favorable weather in the U.S. and other exporting countries improves the outlook for global supplies.

As much as six times the normal amount of moisture has fallen in parts of the southern Great Plains in the past 30 days, according to the US Drought Monitor. Snow is falling in parts of the High Plains today, according to the National Weather Service, giving winter crops that recently emerged a warm winter blanket that will protect them from winterkill.

Rain in south Russia and increased precipitation in growing regions of Ukraine will help prospects for winter wheat.

Wheat futures for December delivery on the Chicago Board of Trade declined 6 ¼ cents to $4.87 ¾ a bushel at the close. Kansas City wheat futures fell 4 cents to $4.63 ½ a bushel.

Corn and soybean futures closed higher on prospects for increased sales to overseas buyers and investors.

Soybeans rebounded after yesterday reaching a fresh six-year intraday low, while corn prices bounced back after yesterday nearing a marketing-year low set last week.

Investors in the week through Nov. 10 were net-short 53,164 corn contracts, 48,930 soybean contracts and 22,914 Chicago wheat contracts, according to the Commodity Futures Trading Commission. While that shows they’re quite bearish on agricultural commodities, it also leaves a lot of room for short-covering should bullish news surface.

Corn futures for December delivery rose 1 ¾ to $3.61 ¾ a bushel in Chicago.

Soybean futures for January delivery gained 4 ½ cents to $8.64 a bushel on the CBOT. Soymeal for December delivery fell 20 cents to $288.60 a short ton, while soyoil rose 0.21 cent to 27.50 cents a pound. 

In the outside markets, brent crude oil futures fell 2.1% to $43.63 a barrel while West Texas Intermediate crude dropped 2.5% to $40.71 a barrel.

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