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Corn, soybeans close lower

Updated: 02/09/2012 @ 1:34pm

DES MOINES, Iowa (Agriculture.com)--After a wild back-and-forth day of trading, the CME Group corn, soybean and wheat prices finish the session lower Thursday.

The March corn futures settled 5 1/2 cents lower at $6.37. The March soybean contract ended 4 cents lowerat $12.27 1/2. The March wheat futures settled 14 3/4 cents lower at $6.46.  The March soyoil futures settled $0.40 lower at $52.54.
In the outside markets, the NYMEX crude oil is $0.99 per barrel lower, the dollar is lower and the Dow Jones Industrials are up 24 points.

Tim Hannagan, PFGBest.com senior grain analyst says on report day anything can happen. "It's report day, anything can happen and usually does twice. We should close lower off the report, but the opening saw us trading all of today's issues," Hannagan says. "First, we had a less than expected bullish crop report with corn and wheat trading lower and beans slightly higher on the open. Then prices went up off of the bullish outside markets, export sales report and bullish weather reports for South America. At mid-session, prices are pulling back down off the original crop report which should win at days end. The market trades every hat tossed in the ring," he says.

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