Soybeans up, corn and wheat down with outside market negativity

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Chicago soybean futures rose Tuesday while corn and wheat futures edged down a hair, as outside market negativity led to a sharply higher U.S. dollar that placed even more pressure upon agricultural commodities.

The most active corn contract for December delivery fell 5.25 cents, or 0.69 percent, to close at 7.56 dollars per bushel. December wheat lost 9.5 cents, or 1.08 percent, to settle at 8. 6875 dollars per bushel. November soybeans rose 6.75 cents, or 0. 44 percent, to close at 15.5325 dollars per bushel.

Markets across Wall Street were lined in red this session, as disappointing quarterly corporate earnings led to a large sell-off in U.S. equities, gold and crude oil. Given the bearish trading atmosphere, investors preferred the safe haven investment of the dollar, and the greenback rose sharply on the day. The higher dollar was another negative for grain futures, as it makes commodities more expensive to holders of other currencies.

Given the adverse outside market forces, wheat and corn fell in line with the majority of other commodities.

Additionally, corn has recently declined due to trader concerns of poor demand for U.S. corn exports. Tuesday saw even worse demand prospects for U.S. corn, as weekly ethanol margins were revealed as negative for the 12th consecutive week.

Unlike the two other grains, soybeans were able to overcome the bearish outside market atmosphere and rise moderately on the session. Giving soybeans some underlying support were ideas of strong demand for the U.S. crop due to heavy importers such as China, though traders continue to eye competition from South American soybean producers like Brazil and Argentina. Endi

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