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Corn, soybeans close lower

Updated: 04/18/2012 @ 2:02pm

DES MOINES, Iowa (Agriculture.com)--The CME Group corn and soybean markets closed down double-digits Wednesday.

The July corn futures closed 13 1/4 cents lower at $5.94. The July soybean contract settled 18 cents lower  $14.13 3/4. The July wheat futures finished 4 1/2 cents lower at $6.15 3/4. The July soymeal futures closed $3.40 per short ton lower at $393.90. The July soyoil futures finished $0.56 lower at $55.60. 
In the outside markets, the NYMEX crude oil is $1.56 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 60 points.

Tim Hannagan, PFGBest.com senior analyst, says there's been talk all week that 1.5 to 3 million acres will shift from corn to beans. 

"Whether fact or fiction, that talk is there. Weather looks good for planting progress, but if some models are correct on the Midwest being dry into May 1, traders may see extremely dry areas get worse with poor emergence on early corn. The lows today could be a near term low, until acres and weather play their roll," Hannagan says.

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