Corn closes lower
DES MOINES, Iowa (Agriculture.com)--Near the close, the CME Group corn market trades lower, while the soybean contracts are mixed Monday.
At 12:30pm, the Sept. futures corn contract is trading 8 cents lower at $5.39. New-crop Dec. corn futures are trading 8 cents lower at $5.03. The Aug. soybean futures contract is trading 4 cents higher at $14.35 new-crop Nov. soybeans are trading 10 cents lower at $12.41. Sept. wheat futures are trading 3 cents lower at $6.54 per bushel. The Aug. soymeal futures are trading $0.20 short ton higher at $435.10. The Aug. soyoil futures are trading $0.34 higher at $46.63. In the outside markets, the NYMEX crude oil is $0.81 per barrel higher, the dollar is lower and the Dow Jones Industrials are 145 points higher.
Jack Scoville, PRICE Futures Group vice president, says that corn acts as if the market has been price out already, and maybe beans got priced today, too.
"Cash markets are still pretty strong, but in corn anyway the price was falling below futures and I think $16.00 pretty much covered the beans," Scoville says.
New crop months are under pressure from better weather. "It's a little cool but still pretty good for development. Farmers should be looking to sell."
Scoville adds, "It was a light volume day for today, as specs tried to buy the market last night and found that was not a good idea."