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Corn, soybean prices end lower

Updated: 08/23/2012 @ 2:38pm

DES MOINES, Iowa (Agriculture.com)--Profit-taking pushed the CME Group corn, soybean and wheat markets to a lower settlement Thursday.

The Dec. futures corn contract settled 20 cents lower at $8.14 3/4. The Nov. soybean contract closed 12 3/4 cents lower at $17.15. Dec. wheat futures closed 22 1/4 cents lower at $9.05 1/2 per bushel. The Dec. soyoil futures contract is trading $0.07 lower at $56.76. The Dec. soymeal futures contract is trading $4.50 per short ton lower at $515.20. The Dec. soyoil futures are trading $0.07 lower at $56.76.

In the outside markets, the NYMEX crude oil is $0.91 per barrel lower, the dollar is lower and the Dow Jones Industrials are 115 points lower.

Jack Scoville, PRICE Futures Group vice president, says some better yield prospects in the Midwest interior may be pressuring the markets, along with profit-taking.

"Plus, I understand domestic bids are under pressure.  Export values at the Gulf are strong, but shipping from the Midwest down there is hard and more expensive with the river basically closed," Scoville says.  

The domestic market is trying to drop bids, in part on the river troubles and in part as the harvest activity increases, he says.  

"I have had specs chopping themselves up and no real selling from my guys. Although, I have been advising that producers at least buy puts, if not do some selling.  Not sure any of them are selling, but they are not taking to my puts idea at all," Scoville says.


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