Soybeans close 22¢ higher Tuesday

Corn market follows soybeans’ momentum.

On Tuesday, the CME Group’s farm markets finish higher.

At the close, the March corn futures closed 2¾¢ higher at $5.53½. May corn futures finished 2¢ higher at $5.52¾. New-crop December corn futures closed unchanged at $4.69¼.

March soybean futures closed 22½¢ higher at $14.06¾. May soybean futures settled 21¢ higher at $14.08½. New-crop November soybean futures closed 10½¢ higher at $12.22.

May wheat futures finished ½¢ higher at $6.70¾.

May soymeal futures closed $3.10 short term higher at $426.00.

May soy oil futures closed 1.15¢ higher at 48.37¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.16 per barrel higher (+0.26%) at $61.86. The U.S. dollar is higher, and the Dow Jones Industrials are 4 points lower (-0.01%) at 31,517 points.

Al Kluis, Kluis Advisors, says that outside markets are playing a part in the grain trade.

“The strength in the crude oil market, the lower U.S. dollar, and rumors of more corn buying from China helped the grain markets rally on Monday,” Kluis stated in a daily note to customers.

Kluis added, “With the rally in crude oil, the lower dollar, and rising long-term bond yields, many investors are starting to factor in inflation. These investors are also seeing an investment in the grain market as a good inflation hedge.”

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Tags: corn, soybeans, CME Group, CME Group's farm markets