Home / Markets / Markets Analysis / Corn market / Corn, soybeans close lower

Corn, soybeans close lower

02/22/2013 @ 9:57am

DES MOINES, Iowa (Agriculture.com)--After trading higher on fresh demand news early, the CME Group soybean market finished lower and pulled corn and wheat down with it Friday.

China purchased ore 400,000 tons of U.S. soybeans in a one-time purchase Friday, according to the USDA.

The March futures corn contract settled 1 cent lower at $6.90. The March soybean futures contract finished 28 cents lower at $14.59.  March wheat futures finished 6 cents lower at $7.15 per bushel. The March soyoil futures contract ended $0.96 lower at $50.35. The March soymeal futures settled $10.40 per short ton lower at $426.90. 

In the outside markets, the NYMEX crude oil is $0.32 per barrel higher, the dollar is higher and the Dow Jones Industrials are 88 points higher.

Tim Hannagan, Alpari (U.S.) LLC senior grain analyst, says profit-taking trumped fundamental news.

"After posting 25 cent gains on beans in early trade, with news Brazilian dock workers are on a 6 hour strike, we're seeing some profit taking ahead of the weekend," Hannagan says.


CancelPost Comment

02/22/2013 @ 2:50pm Another crappy Friday,I wish you guys would get it together.

Report Abuse Reply
MORE FROM MIKE MCGINNIS more +

Soybeans, wheat end up double-digits By: 04/15/2014 @ 8:38am DES MOINES, Iowa (Agriculture.com)--On Tuesday, the CME Group soybean market closed double-digits…

Mostly lower corn, wheat markets seen By: 04/15/2014 @ 8:03am On Tuesday, the CME Group's corn, soybean and wheat markets are expected to start mixed. The…

Soybeans, corn close higher By: 04/14/2014 @ 8:41am DES MOINES, Iowa (Agriculture.com)--With snow falling in Iowa, cold temperatures for other…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Farm markets Rally on Weather, Ukraine