Home / Markets / Markets Analysis / Corn market / All grain markets end lower

All grain markets end lower

Updated: 11/09/2011 @ 3:19pm

DES MOINES, Iowa (Agriculture.com)--Though the corn market had glimpses of positive territory, the heavy pressure from outside markets collapsed all CME Group corn, soybean and wheat markets Wednesday.

The Dec. corn futures settled 4 1/2 cents lower at $6.56 per bushel. The Jan. soybean contract closed 19 1/2 cents lower at $11.85 1/2. The Dec. wheat futures ended 14 cents lower at $6.43. The Dec. soymeal futures closed $4.50 per short ton lower at $303.10. The Dec. soyoil futures settled $0.86 lower at $50.99. 

In the outside markets, the NYMEX crude oil is $01.38 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 353 points.

Richard Feltes, RJ O' Brien research vice president, says the market failed to get the bull report Wednesday.

"The USDA Crop Report failed to fulfill hyper bullish expectations. With the Dow plunging lower early afternoon, it added to late selling pressure," Feltes says. 

Luisa Longo, independent CME Group floor trader, says that at one point, the outside markets loosened their grip slightly on the farm markets. "At the open, we saw all the grains sharply lower due to macro events, specifically fear and uncertainty regarding the situation in Italy.  So today's trade started off as a "risk off " trade for equities and commodities as external markets took control," Longo says.

Tim Hannagan, PFGBest.com senior grain analyst, says the report offered no surprises. Corn already priced in 34 cents prior the report setting us up for profit-taking on the open, it's buy the rumor, sell the fact. 

CancelPost Comment

Soybeans Surge Higher Thursday By: 08/27/2015 @ 8:53am On Thursday, the CME Group's soybean market has jumped up double-digits to start the…

Soybeans Seen Moving Up Double-Digits… By: 08/27/2015 @ 6:12am On Wednesday, the CME Group's corn, soybean, and wheat markets are expected to start…

Soybeans Close 12¢ Lower By: 08/26/2015 @ 8:36am DES MOINES, Iowa (Agriculture.com)--After trading higher, the CME Group's corn, soybean, and…

This container should display a .swf file. If not, you may need to upgrade your Flash player.
Watch the Machinery Show