Ag markets close higher Tuesday

Trade positioning occurring ahead of the Christmas holiday.

On Tuesday, the CME Group’s farm markets watch investors position themselves ahead of the Christmas holiday.

At the close, the March corn futures finished 3½¢ higher at $4.43¾. May corn futures are ¾¢ higher at $4.44.

January soybean futures closed 4¢ higher at $12.47½. March soybean futures closed 2½¢ higher at $12.50.

March wheat futures settled 5¾¢ higher at $6.17.

Jan. soymeal futures settled $2.70 per short ton higher at $415.00.

March soy oil futures closed 0.41¢ higher at 39.96¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.95 per barrel lower (-1.98%) at $47.02. The U.S. dollar is higher, and the Dow Jones Industrials are 161 points lower (-0.53%) at 30,055 points.

Al Kluis, Kluis Advisors, says that investors will be watching South America’s crop weather updates and Argentina’s port strike for price direction.

“The ability of the grain market to rally back on Monday shows good commercial demand on any setback. Many end users in the U.S. and around the world have limited coverage going forward,” Kluis stated in a daily note to customers.

Kluis added, “I am watching the ongoing strike at the ports in Argentina. Many boats are waiting to load soybeans and soybean meal. Some of the meal export business is now shifting to the United States. This is creating a huge rally in nearby soybean meal, and it’s one of the main reasons the soybean rally continued on Monday. If the strike is settled, then watch out for soybean meal and nearby soybean prices.”

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Tags: Ag markets