Corn hits three-year low
DES MOINES, Iowa (Agriculture.com)--With profit-taking occurring following yesterday's soybean rally, the CME Group corn, soybean, and wheat markets remain lower Friday.
For corn, the USDA's September crop projection of 13.843 billion bushels weighed on prices. The market is convinced the U.S. corn crop is going to be bigger than folks think, analysts say.
Before expiring at midday, the September futures contract hit $4.50 level, a three-year low. The Dec. corn futures contract closed 7 cents lower at $4.59. The Nov. soybean futures contract settled 14 cents lower at $13.81. Dec. wheat futures finished 11 cents lower at $6.41 per bushel. The Dec. soymeal futures finished $4.40 per short ton lower at $442.80. The Dec. soyoil futures settled $0.47 lower at $42.56.
In the outside markets, the NYMEX crude oil is $0.08 per barrel lower, the dollar is unchanged, and the Dow Jones Industrials are 65 points higher.