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Corn closes 'limit' down

01/12/2012 @ 9:37am

DES MOINES, Iowa (Agriculture.com)--As corn closed at its 'limit' down, the CME Group soybean market attempted to climb out of a deep hole Thursday.

At the close, the March corn futures settled down the 40 cent daily 'limit' to $6.11 1/2. The March soybean contract settled 20 1/2 cents lower at $11.82 1/2. The March wheat futures ended 36 cents lower at $6.05. The March soymeal futures settled $5.70 per short ton lower at $307.10. The March soyoil futures settled $0.43 lower at $51.46. 

In the outside markets, the NYMEX crude oil is $1.66 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 14 points.

Jack Scoville, PRICE Futures Group vice president, says the soybean rally is a result of this market entering the weather market. "Plus, we sold 400,000 plus to unknown, most likely China.  The rest is mostly spec and maybe producer selling as they blow their brains out.  I think we close weak today and see some lower prices overnight, but the buy side is a little short too and will use this break to buy in all of the markets.  But, a big down reaction to a bearish report!  That part never changes it seems!"

Discuss the "limit" down trading day for corn, and other topics relating to the USDA Report Thursday in Marketing Talk.


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