Jack Scoville is an often quoted market analyst in the grain and soft commodities sectors. You will find his commentary throughout the Reuters, Wall Street Journal, Dow Jones, Bloomberg, and Barron's publications. Contact Mr. Scoville at (312) 264-4322
[Mike McGinnis, Successful Farming]
On Tuesday, the CME Group’s farm markets trimmed their gains in wheat and soybeans but still finished higher.
At the close, the March corn futures finished 2¢ higher at $3.70½; May futures finished 2¢ higher at $3.79¼.
March soybean futures closed 3¾¢ higher at $10.38; May soybean futures ended 3½¢ higher at $10.49½.
March wheat futures closed 4¼¢ higher at $4.77.
May soy meal futures ended $8.90 per short ton higher at $389.20. January soy oil futures closed 0.46¢ lower at 32.40¢ per pound.
In the outside markets, the NYMEX crude oil market is $1.02 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 211 points lower.
Jack Scoville, The PRICE Futures Group’s senior market analyst, says the soybean market going higher is all weather.
“This is still mostly Argentina’s drought problems offering support for soybeans and corn. Plus, U.S. and the cold weather in Europe and Russia are pushing up the wheat market. Funds are the best buyers. I think corn and wheat still have a chance to run, especially corn where basis is improving and demand is strong. Beans might be near a top for me. I admit to the lost production in SA, but there are still beans. I would be more willing to talk higher prices if the beans export demand was better. So, I am careful with the beans but liking the corn,” Scoville says.
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