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A spec sell-off

Updated: 09/28/2011 @ 2:37pm

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.

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