Home / Markets / Markets Analysis / Corn market / A spec sell-off

A spec sell-off

09/28/2011 @ 9:39am

DES MOINES, Iowa (Agriculture.com)--Speculative selling hit the CME Group closing markets like a brick wall Wednesday.

The Dec. corn futures settled 21 1/2 cents lower at $6.30 3/4. The Nov. soybean contract ended 39 1/2 cents lower at $12.23 1/2. The Dec. wheat futures finished 19 1/2 cents lower at $6.38 3/4. The Dec. soymeal futures finished $4.50 per short ton lower at $326.00. The Dec. soyoil futures are $0.33 lower at $52.44.

In the outside markets, the NYMEX crude oil is $3.07 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 41 points.

Jack Scoville, PRICE Futures Group vice-president, says this sharp sell-off was mostly spec selling. "My farmers are quiet. So, I think it was mostly spec. Plus, just general fear and loathing along with talk of good yields against expectations, turned kind of ugly late," Scoville says.


CancelPost Comment
MORE FROM MIKE MCGINNIS more +

Soybeans Rally on Demand By: 07/23/2014 @ 8:38am DES MOINES, Iowa (Agriculture.com)--The CME Group soybean market is trying to help pull up wheat…

Soybean Prices to Tick Higher Wednesday By: 07/23/2014 @ 7:41am On Wednesday, the CME Group's corn, soybean, and wheat markets are expected to start mostly…

Soybeans Close 13¢ Lower By: 07/22/2014 @ 9:17am DES MOINES, Iowa (Agriculture.com)--After starting higher, the CME Group corn, soybean and wheat…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
New 6631 Sunflower Vertical Tillage System