Corn Closes Up, Soybeans Mixed Tuesday
DES MOINES, Iowa -- After starting stronger, the CME Group’s farm futures settled little changed Tuesday.
At the close, the December corn futures finished 1¢ higher at $3.49¼, and March futures finished 1¢ higher at $3.59 per bushel.
November soybean futures settled 1¼¢ lower at $9.90¾; January soybean futures settled unchanged at $10.02¼.
December wheat futures closed 1½¢ higher at $4.04.
December soy meal futures ended $0.90 short ton lower at $308.20. December soy oil futures closed 0.19¢ lower at 35.80¢ per pound.
In the outside markets, the Brent crude oil market is $0.53 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 35 points lower.
On Tuesday, private exporters reported to the U.S. Department of Agriculture export sales of 516,000 metric tons of soybeans for delivery to China during the 2016/2017 marketing year.
The marketing year for soybeans began September 1.
Deanna Hawthorne-Lahre, StatFutures co-owner and trader, says that the soybeans are the feature of this week’s market.
“Beans are definitely the story in the grains of late. Huge clearings and solid sales dominate the news, and the market has set on the $9.60- to $10.00-per-bushel area of comfort, as we head into SA growing season,” she says.
Hawthorne-Lahre adds, “Open interest is bid and bets have been placed. Bean basis has been fading a bit of late, which smells like the crop is getting bigger and not smaller.”
Wheat planting going on as usual, just the acreage number is beginning to be speculated on, she says.
“The market is comfortable with world supplies and seeing no reaching for extra acres from the corn equation. Corn is a real snoozer, with spreads slipping out – going to be a long winter with trading range.”