DES MOINES, Iowa (Agriculture.com)--Closing lower Wednesday, the CME Group soybean market is giving back recent gains. Corn and wheat finished mixed.
The March corn futures contract closed 1 1/4 cents higher at $4.26. The March soybean futures contract finished 1 cent lower at $12.79. March wheat futures finished 1 cent lower at $5.62 per bushel. The March soymeal futures contract ended $2.90 per short ton higher at $419.40. The March soyoil futures closed $0.26 lower at $37.84.
In the outside markets, the NYMEX crude oil is $1.71 per barrel higher, the dollar is higher and the Dow Jones Industrials are 35 points lower.
Mike North, Senior Risk Advisor for First Capitol Ag, says the improved South American crop-weather brought sellers into the market yesterday and to a lesser degree today.
"Additionally, rumblings of China switching destinations to SA for deliveries beyond Feb has also weighed on the market. And, we are giving back part of recent gains in soybeans, as speculators take money back off the table," North says.
Corn, being more oversold relative to the USDA report, has attracted a small bid and keeps the market buoyed at current levels, North says. "However, the buyer is also well aware of the inventory that exists, so the bid is not overzealous."
