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Corn, soybean prices end lower

11/07/2011 @ 9:38am

DES MOINES (Agriculture.com)--Continued weakness rules the CME Group commodities floor Monday.

The Dec. corn futures settled 2 1/2 cents lower at $6.53 1/4. The Jan. soybean contract ended 19 1/4 cents lower at $12.01 3/4. The Dec. wheat futures closed 2 cents higher at $6.38 3/4. The Dec. soymeal futures settled $6.10 per short ton lower at $309.30. The Dec. soyoil futures ended $0.67 lower at $51.20. 

In the outside markets, the NYMEX crude oil is $1.45 per barrel higher, the dollar is higher and the Dow Jones Industrials are up 44 points.

Jack Scoville, PRICE Futures Group vice-president, says the soybean market is getting hurt the worst. "That market is down due to the good weather in South America, as well as the crap with MF Global."  

Though it's ticked up a little, the trade volume remains light.

"There is still a lot of EU fear keeping people on the sidelines," Scoville says.

Reports of soybean yields seem better here than corn yields, overall, Scoville says. "So, there are some ideas of a good production number from USDA Wednesday hurting beans, but corn less so.  It is going to be a quiet day today and probably tomorrow too."

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