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Corn, soybeans close lower

08/14/2012 @ 10:03am

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

The Dec. futures corn contract closed 3 1/4 cents lower at $7.89. The Nov. soybean contract settled 2 3/4 cents lower at $15.98. The Sep. wheat futures contract settled 16 3/4 cents lower at $8.40 per bushel. In the outside markets, the NYMEX crude oil is $0.60 per barrel higher, the dollar is higher and the Dow Jones Industrials are 9 points higher.

Jack Scoville, PRICE Futures Group vice president, says the corn market has been the strength here today.  

"I have no real news, except for initial harvest in some parts of the Delta and Southeast where the yield reports were good.  Not so, maybe in the Midwest, where corn is getting cut for silage in some areas, but down there the yields are fine," Scoville says.  

Soybeans found some follow-through selling from the rains, he says. "But, beans have held and now seem ready to work higher.  Wheat is  lower after Egypt bought from Russia at cheaper prices.  They might have a bad crop, but Russia is still selling and that as bad news for those wanting wheat prices to work higher," Scoville says.  

Otherwise, not a super busy day anywhere, so far, he's says.  

"Brazil business is quiet for me today. And the strength in the back month beans shows that I am probably not alone that way," Scoville says.

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Brazilian Rain and US Planting Outlook