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Corn, soy close lower

Updated: 11/08/2010 @ 1:46pm

After trading lower most of the session, CME Group wheat prices finish higher Monday. Profit-taking and a strengthening dollar kept the corn and soybean markets from settling higher. Also, positioning ahead of tomorrow's USDA Report applied negative pressure, analysts say. 

The Dec corn futures closed 2 1/4 cents lower at $5.85 3/4. The Jan. soybean contract ended 9 1/4 cents lower at $12.74 3/4. The Dec. wheat futures settled 7 1/2 cents higher at $7.36 1/4.  The Dec. soymeal futures contract closed $3.10 lower at $344.90 per short ton. The Dec. soyoil futures contract closed $0.21 lower at $52.01.

In the outside markets, the NYMEX crude oil is $0.21 per barrel higher, the dollar is higher, and the Dow Jones Industrials are down 46 points.

Tim Hannagan, PFGBest.com senior grain analyst, says today's market action is mostly about last minute positioning and posturing ahead of Tuesday's big USDA crop report. 

"Corn has the best chance of closing higher today, after last month's bullish surprise and pre-report estimates looking for slightly lower corn production and ending stocks. That keeps fear in the market. The report could end up with surprisingly lower numbers, like last month. For today, soybeans and wheat look to remain flat most of the day, as the report estimates look more neutral. So, corn is the leader today," Hannagan says.

Meanwhile, the weekly export sales numbers were released today. The numbers show further slowing in exports for corn and wheat. But, for soybeans, though under the week prior, came in at 56 m.b. inspected for near term export. That was equal to the four week bullish average, Hannagan says.

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