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Corn, Soybean Markets Finish Lower Friday

05/30/2014 @ 8:47am

DES MOINES, Iowa (Agriculture.com)--The CME Group corn, soybean and wheat prices finished lower Friday.

The July corn futures contract settled 3 3/4 cents lower at $4.65. The Dec. corn futures finished 5 1/2 cents lower at $4.57. The July soybean futures contract closed 5 3/4 cents lower at $14.93. The Nov. soybean futures settled 10 cents lower at $12.33. July wheat futures closed 5 cents lower at $6.27. The July soymeal futures contract ended $1.80 per short ton higher at $500.20.The July soyoil futures closed $0.91 lower at $38.50.
In the outside markets, the NYMEX Brent crude oil is $0.94 per barrel lower, the dollar is lower and the Dow Jones Industrials are 2 points lower.Jack Scoville, PRICE Futures Group vice-president, sizes up today's market action with reference to some short covering in the corn.  

"The selling is coming from the improved weather for corn and beans, plus forecasts for rain this weekend in the Great Plains for Winter Wheat."  

Wheat also suffers from weaker world prices and ideas of less demand, even with weaker world prices, he says.  

"My spec side of the business is quiet, but I am sure long specs are doing a little selling in the beans.  I think the tone of the market is not good.  We are lacking the buzz around the market that we have seen until basically this week with the cold and wet spring and planting delays and everything that goes along with it."

Moves lower in soybeans probably means that the July-Nov spread will stay firm, he says.  "I think we will stay rather weak, with the possible exception for corn that might just be getting cheap enough for now." 

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