Corn falls for 10th day in a row
DES MOINES, Iowa (Agriculture.com)--The CME Group corn market falls for a 10th straight day Thursday.
The pressure is coming from weaker demand, improved crop-weather in South America, and a sell-off.
The March futures corn contract settled 1 cent lower at $6.94. The March soybean futures contract finished 5 cents lower at $14.18. March wheat futures ended 3 cents lower at $7.32 per bushel. The March soyoil futures contract closed $0.04 higher at $51.70. The March soymeal futures are trading $3.10 per short ton lower at $405.00.
In the outside markets, the NYMEX crude oil is $0.33 per barrel higher, the dollar is higher and the Dow Jones Industrials are 9 points lower.
Jeff Coleman, Trean Group commodities trader, says ever since the markets broke through every support level and moving average, they have not looked back.
"This is especially true in soybeans, which were overbought anyway on South American weather fears. Corn was down for the 10th day in a row. It had not been down 9 days in a row since 1980. So how long has it been since 10 straight down days? Wow. The markets just feel heavy."
No spark to the upside at all, he says.
"Once the wheat/corn (buy wheat/sell corn spread) corrected, corn seems to have had the stuffing knocked out of it. Weather looking better in South America and better here for wheat," Coleman says.