Corn, Soybeans Close 12¢ Lower
DES MOINES, Iowa (Agriculture.com)--As a result of Big private yield estimates, improving crop condition ratings, all CME Group corn, soybean and wheat markets closed double-digits lower.
At the close, the Dec. corn futures settled 11 3/4 cents lower at $3.52
Nov. soybean futures finished 12 cents lower at $10.20.
Dec. wheat futures closed 19 1/4 cents lower at $5.35.
Dec. soymeal futures ended $9.60 per short lower at $350.40. The Dec. soyoil futures closed $0.17 lower at $31.95.
In the outside markets, the crude oil is $0.59 per barrel higher, the dollar is lower, and the Dow Jones Industrials are 9 points higher.
In its weekly Crop Progress Report Monday, the USDA raised the soybean good/excellent ratings slightly, at a time of the year when the ratings usually don't go up.
Meanwhile, two private analyst firms released bearish corn and soybean yields ahead of next week’s September USDA Supply-Demand Report.
Helen Pound, KCG Futures Senior Futures Market Specialist, says the markets are digesting ideas of bigger crops and little demand change.
"Recent production and yield estimates suggest corn carryout/use percentage ratios may improve from 13% to 16-18%, while bean c/u% may increase from 12% to 15-17% - both much more comfortable supply/demand balances," Pound wrote in a daily letter to customers. Pound added, "It is still a while before grain is in the bin so although one take these estimates with a grain of salt, it makes sense to see erosion of a chunk of the risk premium incorporated in the recent price structure."