Content ID

166880

Soybeans, Corn Prices Close Mixed Tuesday

Wheat is up too.

DES MOINES, Iowa -- On Tuesday, the CME Group's corn market closed higher, while the soybean market settled mixed.

At the close, the Dec. corn futures settled 2 1/4¢ higher at $3.45 1/2 while March futures closed 2¢ higher at $3.55 per bushel.

Nov. soybean futures ended 1/4¢ lower at $9.54 1/4, while Jan. soybean futures finished 1/4¢ higher at $9.61 3/4.

Dec. wheat futures finished 3 1/2¢ higher at $4.07 1/4.

Dec. soymeal futures settled $2.20 short ton higher at $300.30. Dec. soyoil futures closed $0.47 lower at 33.35¢ per pound. 

In the outside markets, the Brent crude oil market is $0.81 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 254 points lower.

On Tuesday, private exporters reported to the U.S. Department of Agriculture export sales of 161,544 metric tons of corn for delivery to unknown destinations during the 2016/2017 marketing year.

The marketing year for corn began Sept. 1.

Jason Roose, U.S. Commodities grain analyst, says that this week's trading is made up of positioning ahead of Wednesday's WASDE Report.

"The last few days of choppy trade in the grains has been positioning ahead of Wednesday's USDA crop production report, harvest progressing behind last year on isolated wet conditions. Slow producer-selling will give the grains minor support. But, yields continue to come in impressive for corn and beans of what has been harvested so far. Exports will need to also be impressive on tomorrow's report to continue to make fund shorts nervous," Roose says.

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