Corn, soy close higher

CHICAGO, Illinois (Agriculture.com) - After trading mixed most of the session, prices of CME Group and soybeans closed mostly higher Monday.
The May corn futures settled three cents to $ 6.86 1 / 2. The May soybean contract closed a cent higher than average $ 13.63. The May wheat futures ended two cents to $ 7.21. The May soybean meal futures contract closed $ 1.50 lower per short ton to $ 366.40. The May soybean oil futures contract settled $ 0.11 higher at 55.88 dollars.
In foreign markets, the NYMEX crude oil is $ 1.26 per barrel higher, the dollar is lower, and the Dow Jones industrial average up 171 points.
A floor trader of CME Group, who requested anonymity, said that only 112,000 metric tons of U.S. corn confirmed sold to China, where trade is expected 500,000. "Therefore, it was a disappointment. In addition, the volatility of the option is not increased during the recent rise 80 cents, suggesting that the market is more comfortable going into the March 31 report about $ 7 to $ 6. This, of course, is the case, if there is no market for new tensions. And that would be assuming a lot, "says the merchant.
The USDA reported Monday that private exporters sold 116,000 metric tons of U.S. corn an "unknown" buyer for delivery 2010/11. Although demand is helping today's prices, the market is less impressed with the sales of old crop vs. new crop, analysts said.
Tim Hannagan, senior analyst PFGBest.com grain, says the market opened higher on several bits of news. Wheat believes that the very dry conditions in the belt of HRWW this week. Brazil sees a week of rain in central bean harvest further threatening the performance and perception. In addition, there is still talk of private acreage forecaster estimates last week from less than what it takes to grow corn and beans, ending stocks. gains are leveling threats remainder of a fusion reactor in Japan. "

(Source: http://www.agriculture.com/markets/analysis/corn/cn-soy-close-higher_9-ar15519)