On Monday, the CME Group’s corn and soybean prices advanced on support from USDA’s export inspection data and a fresh corn sale, while wheat closed lower.
At the close, the March corn futures settled 2 cents higher at $3.67 1/2. March soybean futures are 2 3/4 cents higher at $8.81.
May wheat futures are trading 2 3/4 cents lower at $4.64. May soymeal futures are $0.10 per short ton higher at $266.10. May soyoil futures are trading $0.11 higher at $31.74.
In the outside markets, the Brent Crude oil market is $1.85 higher per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 214 higher.
On Monday, private exporters reported to the U.S. Department of Agriculture export sales of 100,000 metric tons of corn for delivery to Colombia during the 2015/2016 marketing year.
Mike North, President of Commodity Risk Management Group, says that the market has little by way of fresh fundamental news.
“Weather in South America is largely benign. The USDA Ag Outlook Forum is now upon us and we wait for any indications/forecasts that may come out of this year’s event,” North says.
In the meantime, the markets are led by technical trading, with short covering being the feature, he says.
“This was witnessed in wheat and soybeans in last week’s Commitment of Traders report. External influences are causing this to further be the case today as the dollar, crude oil, and the stock market give outside support.
He adds, “Corn and soybeans are trading within a pennant formation that is certainly worth following. Soybeans threatened to take the top side of that formation out today. We await the close for confirmation.”
The marketing year for corn began Sept. 1.
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