Corn closes near 'limit' low
CHICAGO, Illinois (Agriculture.com)--With less concern about the potential of the U.S. crop, the CME Group corn market settled near its 30-cent daily limit low. Wheat suffered deep cuts, as the soybean market clawed back to neutral trading territory Wednesday.
The July corn futures closed 29 3/4 cents lower at $7.25 3/4. The July soybean contract ended unchanged at $13.68. The July wheat futures settled 22 3/4 cents lower at $7.08 1/2. The soybean meal futures settled $1.30 per short ton higher at $360.00 and soyoil futures settled $0.20 higher at $57.05
In the outside markets, the NYMEX crude oil is $4.42 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 199 points.
In addition to pressure from the improved crop-weather, the grains are not getting help from the outside market as the dollar rises against the Euro. The greek protestors are turning violent in Greece, with austerity measures upon them.
Tim Hannagan, PFGBest.com senior grain analyst, says the market is working through profit-taking. "You have more profit taking off the historic highs of corn last week. Since we're still 11 days away from the big June 30 report, funds are not piling into the market yet. So, with crude down and the dollar up today, investors are taking more profits. It's part of the market's daily function."