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

Corn, soybeans close lower

10/24/2013 @ 8:38am

DES MOINES, Iowa (Agriculture.com)--The CME Group corn and soybean markets close lower Thursday.

The Dec. corn futures contract closed 2 1/2 cents lower at $4.40. The Nov. soybean futures contract finished  1/4 of a cent lower at $13.09. Dec. wheat futures finished 5 1/4 cents lower at $6.96 per bushel. The Dec. soymeal futures contract ended $4.60 per short ton higher at $426.00. The Dec. soyoil futures finished $0.37 lower at $41.13. 

In the outside markets, the NYMEX crude oil is $0.29 per barrel higher, the dollar is lower and the Dow Jones Industrials are 113 points higher.

Jack Scoville, PRICE Futures Group vice-president, says the strong export sales, especially for corn got a big yawn from the trade.  

"I think we had heard so many rumors of big business over the last few weeks with the government closed that we created a buy the rumor and sell the fact situation in corn" Scoville says. Beans are bull spread and the market needs beans. Probably getting some, but not quite enough."  

Scoville adds, "Farmers back out on harvesters and going after the last of the beans now.  Not heard of much disappointment in yields so far today, but I know I got a couple of disappointed farmers. So, there is some variability."

The failure of soybeans to take out the highs of yesterday is worth watching into the close, he says. 

"Corn and wheat not acting real strong at all, we might have a down day tomorrow too," Scoville says.


Discuss the corn, soybean and wheat markets in Marketing Talk.

CancelPost Comment

mark guildenzoph 10/24/2013 @ 3:14pm Disappointed farmers well that's an understatement. Average 30bu soybeans and 150bu corn in the heart of Illinois. Oh did I mention the prices were a joke on top of that now I have land owners bumping the rent because of the rumor of record crops just keeps getting better. This is 100% the traders fault I sure hope you all made some money in the last year because you sure screwed the local farmers. Perfect example in the headline traders take a big yawn at demand and export sales. What the hell is going on up there did you slip and bump your heads or are you just that incompitent to do your jobs correctly? Would somebody please explain the error in this system to me I mean come on rally on soybeans for two days oh thanks for the nickel back what happened to the 5 dollars that you thieves all ready stole? There is a limit on corn and bean traders in a marketing day it was 30 cents and then 50 cents now that would be a rally nobody cares if it goes up five or ten cents like fuel, but you all sure have no problem cutting 25cents at a time.

Report Abuse Reply

Re: Re: 10/24/2013 @ 7:36pm These idiots traders don't care at all they will ignore any bullish reports to keep these prices low. They listen only to the liars at the USDA and the people that call them selves analyst. This is only a game to them.

Report Abuse
MORE FROM MIKE MCGINNIS more +

Farmers Are Urged to Adopt Conservation… By: 07/28/2014 @ 2:09pm U.S. farmers need to wake up to adopting conservation measures, world buyers find U.S. corn carries…

Weekly Market Wrap-up: Low Prices Cure Low… By: 07/25/2014 @ 12:16pm   RELATED VIDEO       Low prices, cure low prices…

Wheat Prices Turn Higher By: 07/25/2014 @ 8:45am DES MOINES, Iowa (Agriculture.com)--Even after big, fresh export sales announced, the CME…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Scott Shellady: Options 101