Corn, soybeans close lower
DES MOINES, Iowa (Agriculture.com)--After a higher start, the CME Group corn, soybean and wheat prices closed much weaker Wednesday.
The March futures corn contract closed 11 cents lower at $6.93. The Jan. soybean futures contract finished 15 cents lower at $14.24. March wheat futures finished 19 cents lower at $7.74 per bushel. The Jan. soyoil futures contract ended $0.65 lower at $48.29. The Jan. soymeal futures contract settled $3.50 per short ton lower at $431.30.
In the outside markets, the NYMEX crude oil is $2.38 per barrel higher, the dollar is lower and the Dow Jones Industrials are 6 points lower.
"Good rains in HRW areas got wheat off to a lower start. Corn and soybeans traded surprisingly lower. There is very light trade. And, the Pacific Northwest Port strike certainly is not a bullish input," Matt Connelly, an independent CME Group floor trader says.