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Corn, soybean prices close lower

Updated: 08/27/2012 @ 2:27pm

DES MOINES, Iowa (Agriculture.com)--The CME Group corn, soybean, and wheat markets finished lower, due to profit-taking Monday.

At the close, the Dec. futures corn contract closed 7 3/4 cents lower at $8.00 3/4. The Nov. soybean contract settled 12 3/4 cents lower at $17.18 3/4. Dec. wheat futures settled 7 3/4 cents lower at $8.81 3/4 per bushel. The Dec. soyoil futures contract ended $0.34 lower at $56.56. The Dec. soymeal futures contract finished $4.10 per short ton lower at $518.70. 

In the outside markets, the NYMEX crude oil is $0.61 per barrel lower, the dollar is higher and the Dow Jones Industrials are 17 points lower.

Jack Scoville, PRICE Futures Group vice president, says the market action is very up and down.  

"The overnight trade was higher on the weaker yield estimates and some ideas that the U.S. Stock market might move higher today. Not sure if the rains in the Midwest this weekend are helping all that much, but they could be hurting the beans price action either way," Scoville says.  

A lot of people are saying we will not have a lot of bullish news now until the next USDA estimates.  And, no demand news to speak of, he says.

Egypt bought from Russia and Romania and not U.S., while there was nothing reported to corn or beans.  I

"The market is chopping around with no real direction. It's trying to grab here and maybe we start to work higher again," Scoville says.

 

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