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Corn, soy close lower

Updated: 01/24/2011 @ 2:19pm

Agriculture.com--Wheat finished strong, corn and soybean prices were pressured by profit-taking and unfavorable outside markets Monday. 

The March corn futures settled 2 cents lower at $6.55 1/4. The March soybean contract closed 7 3/4 cents lower at $14.04 1/2.  The March wheat futures settled 10 3/4 cents higher at $8.35 1/4. March soybean meal futures closed $0.60 higher per short ton at $380.20. The March soyoil futures ended $0.38 lower at $57.18.

In the outside markets, the NYMEX crude oil is $1.24 per barrel lower, the dollar is lower, and the Dow Jones Industrials are up 89 points.

Jason Ward, Northstar Commodity Investment Co., a Minneapolis-based brokerage firm, says bearish fundamentals have set in.

"Weather in South America is bearish, wetter weather in Argentina, 80% chance of rain in the next 5 days with 1/2 to 2 inches of coverage. Can still help the beans. However, setbacks will be bought in our view," Ward says.

Tim Hannagan, PFGBest.com senior grain analyst, says the outside markets pressured the grains Monday.

"Lower crude oil and stronger dollar has corn under light pressure. Energies weigh on corn-based ethanol and the dollar makes it more expensive to buy grains. Beans are lower following the weather from Argentina, with rains coming in mid-week helping the beans in the pod-setting stage. Wheat has held gains well on thinking the demand will continue to strengthen, as well as follow-thru from Friday taking out the strong 8.10 resistance on the charts."

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