Corn, Soybean Prices Closed Mixed Tuesday
On Tuesday, the CME Group’s soybean market started higher, ended lower, while the corn market started mixed, ended higher.
At the close, the September corn futures settled 1¢ higher at $3.27; December futures closed ¼¢ higher at $3.37¼ per bushel.
September soybean futures finished 4¼¢ lower at $10.19½, while November soybean futures ended 2¢ lower at $10.07.
September wheat futures finished 1½¢ higher at $4.23½.
September soy meal futures closed $2.70 per short ton lower at $336.90. September soy oil futures closed 0.17¢ higher at 33.38¢ per pound.
In the outside markets, the Brent crude oil market is $0.69 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 69 points lower.
Jack Scoville, The PRICE Futures Group’s senior market analyst, says that without China’s 11th out of 12 trading days of buying U.S. soybeans, the markets would have little to trade.
“Pretty slow day, but more soybean business with China, good news. Still a demand market in the beans and a supply market in the corn, as there is real doubt about the USDA production estimate for corn,” Scoville says.
He added, “I know I am not really seeing it when I talk across the Midwest. We got a good corn crop, but not a record yield.”
Overall, the market is holding well, so far, on a turnaround Tuesday, Scoville says.
“I think we made a preharvest bottom, and now we are trying to rally a bit. This rally probably will be limited to another 10¢ or so in the corn, maybe another 25¢ in the beans, then we get harvest. But the action is good, even with the light volume trade, and I think the bulls should be encouraged by the price action so far.”
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On Tuesday, private exporters reported to the U.S. Department of Agriculture export sales of 119,000 metric tons of soybeans for delivery to China during the 2016/2017 marketing year.
The marketing year for soybeans began September 1.