Corn, soybeans close lower
DES MOINES, Iowa (Agriculture.com)--For the CME Group corn, soybean and wheat markets it was just a weaker trading session Friday.
The May futures corn contract settled 6 cents lower at $7.26.The May soybean futures contract finished 8 cents lower at $14.40. May wheat futures finished 1 cent higher at $7.29 per bushel. The May soymeal futures closed $3.60 per short ton lower at $419.30. The May soyoil futures settled $0.01 higher at $50.43.
In the outside markets, the NYMEX crude oil is $1.24 per barrel higher, the dollar is lower and the Dow Jones Industrials are 67 points higher.
Jack Scoville, PRICE Futures Group vice-president, says it has been mostly a long liquidation day from speculators on EU worries.
"Just being on the safe side, the specs exited the market. New crop corn and beans moved a bit more on the Informa, the private analyst firm's, estimates," Scoville says.
The firm projected corn plantings at 97.753 million acres, down 1.6% from its January estimate of 99.303 million acres. In the U.S., 2012 corn acreage was 97.2 million acre, according to the USDA.
Infiorma pegged U.S. 2013 soybean plantings at 78.457 million acres, down from its January forecast of 78.777 million. In 2012, the U.S. farmers planted 77.2 million acres.
"The numbers seemed to be a little bearish for beans and bullish for corn, but should be mostly in line with a lot of trade ideas," Scoville says.
The Minnesota market does like the spring wheat planted area, though, he says.
"Reports of cash movement hurt nearby corn this week, bases weakened, so something must have moved," he says.
The soybeans starting to trickle out of Brazil, he says. "I figure we are going to see sideways-to-lower trading going forward, with ideas of increasing offer potential now from SA hurting beans. But, tight stocks in the U.S. provides support for everything and may be helping bull spreads in corn and soybeans," he says.