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Corn, soybeans close lower

Updated: 03/19/2012 @ 2:09pm

DES MOINES, Iowa (Agriculture.com)--Just as they started, the CME Group corn, soybean and wheat markets finished the day's trading session lower Monday.

The July corn futures settled 8 3/4 cents lower at $6.61 1/2. The July soybean contract closed 7 1/4 cents lower at $13.73 1/2. The July wheat futures finished 16 1/4 cents lower at $6.61. The July soybean meal futures finished $3.60 per short ton lower at $372.10. The July soyoil futures settled $0.10 lower at $55.79. 
In the outside markets, the NYMEX crude oil is $0.99 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 18 points.

Jack Scoville, PRICE Futures Group vice president, says weather and selling are pressuring the markets Monday.

"Prices came back a little,after the opening. I think maybe this was due to some spec-buying.  However, in soybeans the spreads are weak and that implies some cash-selling around the country, somewhere.  I am not seeing much from Brazil, but I think others are selling," Scoville says.  

Selling is occurring, in general, on the weather here which is wonderful, he says. "A lot of producers are out getting fertilizers on and doing other fieldwork.  Plus, rain in the forecast for central and southern wheat areas and then Chicago, can’t ask for better for these guys.  Outside markets not really helping out at all, Scoville says.

"It seems we are looking at the weather and the potential for early planting here and the harvest progress in Brazil, as reasons to take some longs off the table. But no forceful selling. Overall, a pretty quiet session so far, which I had expected to be busier today," he says.

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