Corn, soybeans close lower
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.