Home / Markets / Markets Analysis / Corn market / Corn, soybeans close lower

Corn, soybeans close lower

03/19/2012 @ 9:33am

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.

CancelPost Comment

End of an Era for Corn, Soybean Futures:… By: 07/02/2015 @ 9:41am This Monday, the history of corn and soybean markets will change. After being traded on the floor…

Grains, Soybeans Mixed to Close Thursday By: 07/02/2015 @ 8:56am Grains and soybeans were mixed to close the day Thursday. At the open, the September corn…

Corn, Soybean Markets to Edge Higher By: 07/02/2015 @ 6:54am On Thursday, the CME Group's corn, soybean, and wheat markets are expected to start mostly…

This container should display a .swf file. If not, you may need to upgrade your Flash player.
Cover Crops-Happy Landlords