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Corn, soybeans close lower

Updated: 08/07/2012 @ 2:58pm

DES MOINES, Iowa (Agriculture.com)--The CME Group corn, soybean and wheat markets closed lower Tuesday.

The Sep. corn contract settled 7 cents lower at $7.96, while the Dec. futures corn contract ended 4 1/2 cents lower at $8.00 1/2. The August soybean contract finished 2 1/4 cents lower $16.05 1/4, Nov. soybean futures finished 18 1/2 cents lower at $15.65 1/2. The Sep. wheat futures closed 4 1/4 cents lower at $8.89. Aug. soyoil futures ended $0.19 lower at $51.29. The Aug. soymeal futures finished $5.90 lower at $512.30.  
In the outside markets, the NYMEX crude oil is $1.49 per barrel higher, the dollar is lower and the Dow Jones Industrials are 66 points higher.

Jack Scoville, PRICE Futures Group vice-president, says the negative markets seem to be mostly about long liquidation.  

"I expect a choppy weak, and today seems to be a sell day," Scoville says. The reports last night showed more deterioration, but nothing more than the market expected."  

Demand remains hard to find, he says.

"We're seeing a little new-crop selling from Brazil, in the back months.  But, today started out with buyers looking at outside markets and those have not done much. So, they and other longs seem to be getting out until next week," Scoville says.

Harvest is coming, the losses in corn will not get much worse, and we are not sure of the beans, he says. It's enough reason for caution," he says.

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