Corn closes at $4.12
DES MOINES, Iowa (Agriculture.com)--On Thursday, the CME Group corn market hits a 40-month low, wheat drops to two-year low. Meanwhile, soybeans close higher.
The March corn futures contract ended 5 cents lower at $4.12. Earlier, the corn market reached $4.08, the lowest since August 2010.
The March soybean futures contract settled 4 1/2 cents higher at $12.73. March wheat futures finished 4 1/2 cents lower at $5.84 per bushel. The March soymeal futures contract closed $1.80 per short ton higher at $414.30. The March soyoil futures closed $0.28 higher at $37.96.
In the outside markets, the NYMEX crude oil is $0.09 per barrel higher, the dollar is lower, and the Dow Jones Industrials are 37 points lower.
Tim Hannagan, Walsh Trading Inc. grain analyst, says the soybean market offered up a surprise considering weaker export data.
"Wheat and corn are lower, reflecting the bearish export sales numbers. But beans shrugged off bearish numbers and are trading higher as China was still in for good imports at 387,000 metric tons for future shipment. Also, there is talk that any surprise on report day would come on a bullish bean carryover," Hannagan says.
On Friday, the USDA will release its final 2013 crop estimates in its January Crop Production and Supply/Demand Reports.