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Corn settles lower

07/17/2013 @ 8:48am

DES MOINES, Iowa (Agriculture.com)--Improved crop-weather outlooks kept the CME Group's corn, soybean and wheat markets mostly lower Wednesday.

The Sept. futures corn contract finished 7 cents lower at $5.38. New-crop Dec. corn futures settled 8 cents lower at $5.09. The Aug. soybean futures contract closed 3 cents higher at $14.77, new-crop Nov. soybeans ended 2 cents lower at $12.83. Sept. wheat futures settled 5 cents lower at $6.65 per bushel. The Dec. soymeal futures finished $2.60 short ton lower at $386.00. The Dec. soyoil futures closed $0.23 higher at $45.51.

In the outside markets, the NYMEX crude oil is $0.16 per barrel lower, the dollar is higher and the Dow Jones Industrials are 83 points higher.

Jack Scoville, PRICE Futures Group vice president, says the trade is a pretty slow affair, today.  

"The markets are feeling pressure from the better weather forecasts for this weekend and next week, but we need to see some rains in some areas, especially to the southwest. If the rains don't come, next week we might bounce back up," he says.  

China bought soybeans but it's not really impacting price, he says.  

"We keep seeing more and more wire stories about how domestic guys are getting covered into a data at or close to harvest. So, that is something to watch as it could really do some damage to the carry spreads if that demand gets covered.  It is a weather market. So, we will see the Noon forecast and take it from there."

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