Corn, Soybeans Close Lower
DES MOINES, Iowa (Agriculture.com)--The CME Group corn, wheat, and soybean markets all closed lower Monday.
At the close, the July corn futures contract settled 6 cents lower at $4.41. The Dec. corn futures finished 5 cents lower at $4.42. The July soybean futures contract finished 4 cents lower at $14.21. The Nov. soybean futures settled 4 cents lower at $12.17.
July wheat futures closed 5 cents lower at $5.81. The July soymeal futures contract finished $5.50 per short ton lower at $462.40. The July soyoil futures finished $0.19 lower at $39.50.
In the outside markets, the NYMEX crude oil is $0.30 per barrel higher, the dollar is lower, and the Dow Jones Industrials are 7 points higher.
Jack Scoville, PRICE Futures Group vice president, says the key right now is the weather. "And really, the weather is good and people are talking top yields which for now seems possible, although we got pollination and flowering coming to change the thing." Plus, no real reaction to the NOPA crush or export inspections, this morning.
"While positive, today's crush and inspection numbers were largely anticipated, I guess," Scoville says.
The bulls keep trying to say that early growing conditions can change. They are right, but the market does not seem to care, Scoville says. "Bulls also say that the data suggests tight supplies of beans. This appears to be true, but the market is not really caring much about that either."
Meanwhile, the Funds keep liquidating July in all markets, and those are longs. Also, the basis levels imply that something is not right with the USDA data, he says.
"Either way, the market seems to have priced out short supplies of beans. Trends turned down in beans on July and weekly charts with the move below $14.50 last week. Corn futures are below loan and the cost of production for many, and we might see some support there."