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Corn, Soybeans Close Double-Digits Lower

Updated: 04/02/2014 @ 2:48pm

DES MOINES, Iowa (Agriculture.com)--After a sharp rally for two days in a row, the CME Group corn and soybean markets close double-digits lower Wednesday.

The May corn futures contract settled 11 3/4 cents lower at $4.95. The Dec. corn futures ended 8 1/4 cents lower at $4.97. The May soybean futures contract finished 22 3/4 cents lower at $14.62. The Nov. soybean futures finished 9 cents lower at $11.98. May wheat futures closed 16 cents lower at $6.69 per bushel. The May soymeal futures contract settled $6.20 per short ton lower at $476.50. The May soyoil futures are trading $0.55 lower at $40.85.

In the outside markets, the Brent crude oil is $0.27 per barrel lower, the dollar is higher and the Dow Jones Industrials are 23 points higher.

Jack Scoville, PRICE Futures Group vice-president, says weak U.S. and South America basis levels doomed the beans.  

"The funds needed to support the position they bought the last couple of days and failed to show, and with cash markets on a weak note everywhere it was look out below," he says.  

There is a lot of talk of soybean meal is coming to the US Southeast from S America, which is true, Scoville says.  

"Wheat is still a weather market and there are forecasts for some light precip out in the Plains.  Might not do much good, but a weather drought market with the word precipitation mentioned creates the type of price action we had today.  Corn followed the other two markets."

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