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Corn closes 'limit' down

Updated: 05/11/2011 @ 1:34pm

CHICAGO, Illinois (Agriculture.com)--Following a bearish USDA May Supply/Demand & Stocks Report, the CME Group corn market settled at its 30 cent daily 'limit' down Wednesday.

On Thursday, the corn market will trade on an expanded 45¢ limit.

The July corn futures settled down the 30 cent daily limit at $6.77 1/4, a 4% drop vs. yesterday. The July soybean contract closed 6 1/2 cents lower at $13.31 1/2. The July wheat futures closed 39 3/4 cents lower at $7.59. The July soybean meal futures closed $2.70 per short ton lower at $347.60. The July soyoil futures ended $0.50 lower at $56.30.

In the outside markets, the NYMEX crude oil is $5.65 per barrel lower, the dollar is sharply higher and the Dow Jones Industrials are down 145 points.

Joe Bedore, FC Stone Inc.'s CME Group floor manager, says the markets are simply responding to a report that was bearish for old-crop futures prices.

"Though the USDA says the old-crop ending stocks are bigger than expected and that demand appears slowing, we won't have our answers until at least late June," Bedore says. 

Whether you agree with today's USDA Report or not, there isn't much you can do about old-crop data, he says. "Because it's all we have to go on, we have to believe the USDA numbers. it looks like farmers had more corn in storage, or somewhere, than first thought. So, it looks like old-crop prices don't have much upside potential."

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