Corn, soybeans close lower
CHICAGO, Illinois (Agriculture.com)--After starting higher, the CME Group corn and soybean markets turned lower and closed that way Wednesday.
The Dec. futures corn contract settled 2 cents lower at $7.41. Jan. soybean futures contract ended 4 1/2 cents lower at $14.08. Dec. wheat futures are trading 1/4 of a cent higher at $8.45 per bushel.
In the outside markets, the NYMEX crude oil is $0.95 per barrel higher, the dollar is lower and the Dow Jones Industrials are 41 points higher.
Jack Scoville, PRICE Futures Group vice-president, says that it has been a choppy day. "Not much volume showing up," Scoville says. I think we were up overnight expecting some business to be announced and once we got it this morning that was it. Specs are still the long and they are getting flat with everything else going on in the world. So, I think that is some of the selling pressure. Weakness in bean spreads overnight implies a little cash movement.
Also, we keep hearing about the river and the ideas of additional freight costs, even if it does not close, due to more needing to move by rail hurting the spreads," Scoville says.