At mid-session, CME Group grain markets remain lower
CHICAGO, Illinois (Agriculture.com)--At mid-session: The Dec corn futures are 4 1/2 cents lower at $3.89 1/2. The Nov. soybean contract is 5 1/4 cents lower at $9.66 3/4. The Sep. wheat futures are 7 1/4 cents lower at $5.75. Dec. soybean meal futures are $4.10 lower at $281.40 per short ton. Dec. soyoil futures are trading 6 points higher at 38.80.
In the outside markets, the NYMEX crude oil is $0.46 higher per barrel, the dollar is higher, and the Dow Jones Industrials are down 79 points.
"Technically, these markets remain firm," one CME Group floor trader says. "However, today, we are not rallying. In fact, it's pretty slow. The weather is unfavorable, along with the outside markets. Let's see what happens on the close."
Tim Hannagan, PFGBest.com senior analyst, says prices remain under pressure. "Today, corn hit last Tuesday's low, essentially removing all the weather premium rally from last week. But, soybean lows, today, were 17 cents from last week's low on September futures, keeping further risk on-hand to the downside. Sept. beans have support at $9.60 and $10.00 as first resistance. Sept. corn support is $3.74 today then $3.68 with resistance at $4.00. To break resistance for these markets we need another weather scare."