All farm markets settle lower
DES MOINES, Iowa (Agriculture.com)--Short-covering and profit-taking sinks the CME Group corn, soybean, and wheat markets Wednesday.
The Dec. corn futures contract closed 3/4 cent lower at $4.17. The Jan. soybean futures contract ended 2 1/2 cents lower at $12.73. Dec. wheat futures ended 3 cents lower at $6.47 per bushel. The Dec. soymeal futures contract finished $1.90 per short ton lower at $407.00. The Jan. soyoil futures settled $0.33 higher at $40.32.
In the outside markets, the NYMEX crude oil is $0.15 per barrel lower, the dollar is higher, and the Dow Jones Industrials are 60 points lower.
Tim Hannagan, Walsh Trading Inc. grain analyst, says the trade is taking profits before the end of the month.
"After new corn lows this week for the year and weekly for beans, we're seeing short covering on breaks. The funds see only seven days left in the month to take short profits and pay bonuses. Additionally, short covering on breaks looks to continue as a shortened holiday week looms next week."