All farm markets end lower
DES MOINES, Iowa (Agriculture.com)--On Wednesday, the CME Group corn, soybean and wheat markets all finished lower.
The March corn futures contract settled 9 cents lower at $4.17. The March soybean futures contract ended 6 3/4 cents lower at $12.69. March wheat futures settled 13 3/4 cents lower at $5.88 per bushel. The March soymeal futures contract finished $3.30 per short ton lower at $412.50. The March soyoil futures finished $0.25 lower at $37.68.
In the outside markets, the NYMEX crude oil is $1.22 per barrel lower, the dollar is higher and the Dow Jones Industrials are 76 points lower.
Dustin Johnson, eHedger grain analyst, says it is hard to say exactly why corn is trading toward the contract lows a few days before the report and heading into the index re-balance.
"It could be increased farmer-selling, after the first of the year and before Friday's USDA report. It could also be that specs over-subscribed to the index fund re-balance and liquidated longs after their risk thresholds were taken out. I'm not really sure, we haven't heard anything these are just theories," he says.