Home / Markets / Markets Analysis / Corn market / CME Group grain markets close sharply lower

CME Group grain markets close sharply lower

07/18/2010 @ 11:00pm

CHICAGO, Illinois (Agriculture.com)--As they traded all session, the CME Group grain prices close sharply lower Monday.

The Dec corn futures settled 13 1/4 cents lower at $3.94. The Nov. soybean contract closed 13 cents lower at $9.72. The Sep. wheat futures settled 5 cents lower at $5.82 1/4. Dec. soybean meal futures ended $4.50 lower at $285.50 per short ton. Dec. soyoil futures closed 32 points lower at 38.74.

In the outside markets, the NYMEX crude oil is $0.52 higher per barrel, the dollar is higher, and the Dow Jones Industrials are up 46 points.

The expected heat dome is now projected to set up further south of the Corn Belt than first thought. This is putting a lot of pressure on the grain markets, traders say.

Scott Shellady, GFI Group floor trader, says the market has taken a step back, here. "The new weather forecast has some traders concerned. But, this market is still a good buy."

Tim Hannagan, PFGBest.com senior analyst, says the traders this morning are trimming some of the weather premium they built in last week as forecasts have changed from Friday. "They now have rains entering the Midwest Corn Belt on-and-off through Friday but leave the 10% of our corn and bean production in the southern Delta as hot and dry all week. This new forecast isnt bearish but just not as bullish as when markets closed last Friday. Traders will use tonight's crop condition reports after the close for Tuesdays direction."

CancelPost Comment
MORE FROM MIKE MCGINNIS more +

Fund Rallies Ruling The Markets By: 05/22/2015 @ 11:19am Yes, the wheat market has rallied 60¢ since May 13. And yes, the corn and soybean markets have…

Long Weekend Can Mean Market Volatility By: 05/22/2015 @ 11:09am After several corn and soybean contracts mad new lows this week, traders fear the upcoming holiday…

Soybeans Close 14¢ Lower Friday By: 05/22/2015 @ 8:48am DES MOINES, Iowa (Agriculture.com)--On Friday, the CME Group's corn, soybean and wheat markets…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Weather Update - Late May, Early June
Agriculture.com

FREE MEMBERSHIP!

CLOSE [X]