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Corn, soybeans close lower

Updated: 08/22/2012 @ 2:33pm

DES MOINES, Iowa (Agriculture.com)--As they started the day, the CME Group corn, soybean and wheat markets finished lower Wednesday.

The Dec. futures corn contract closed 4 cents lower at $8.34 3/4. The Nov. soybean contract settled 4 3/4 cents lower at $17.27 3/4. Dec. wheat futures settled 5 cents lower at $9.17 per bushel. The Dec. soyoil futures contract finished $0.61 higher at $56.83. The Dec. soymeal futures contract finished $4.80 per short ton lower at $519.70. 

In the outside markets, the NYMEX crude oil is $0.28 per barrel lower, the dollar is lower and the Dow Jones Industrials are 33 points lower.

Tim Hannagan, Alpari (U.S.) senior grain analyst, says poor crop yields are keeping the market from falling further. 

"Crop news is the same today and that’s lending support to futures. But, funds are fat with profits, after two big up days, lending to profit-taking off strength. So, we're choppy with a negative lean," Hannagan says. 

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