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Corn, soybeans close lower

Updated: 09/17/2013 @ 1:47pm

DES MOINES, Iowa (Agriculture.com)--On Tuesday, the CME Group corn, soybean markets settled lower.

The Dec. corn futures contract settled 2 1/2 cents lower at $4.54. The Nov. soybean futures contract finished 5 3/4 cents lower at $13.42. Dec. wheat futures closed 1 3/4 cents higher at $6.43 per bushel. The Dec. soymeal futures finished $1.90 per short ton lower at $426.60. The Dec. soyoil futures closed $0.13 lower at $42.24. 

In the outside markets, the NYMEX crude oil is $1.40 per barrel lower, the dollar is lower and the Dow Jones Industrials are 42 points higher.

On Tuesday, the Farm Service Agency increased their estimates for U.S. Prevent Plant Acreage. The market started off by reacting positively.

FSA increased the number of corn prevented plant acres by 160,000. Last month, FSA had corn prevented plant acreage at 3.41 million acres.

For soybeans, the FSA upped the pp acreage by 70,000. Last month, the FSA estimated soybean pp acreage at 1.618 million.

Jack Scoville, PRICE Futures Group vice-president, says today's FSA prevented planting acreage report was positive for futures, but not a bullish shock.  

"This type of additional loss had been part of the talk in the market. So, it was already part of the price action.  But, harvest is here and although I don’t pick up much farm-selling, the specs sure are at it.  Plus, the yield reports seem to continue to be very good.  I think that is helping to create selling," Scoville says.  

It also seems like a risk off kind of a day, he says.  

"Lots of commodities getting hit pretty hard today. So, grains are part of that, too.  Really an ugly day, I thought the data would hold things up better too!  But I guess not!"

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