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Corn, Soybeans Drop Double-Digits

Updated: 05/16/2014 @ 10:18am

DES MOINES, Iowa (Agriculture.com)--Steep losses occurred in the stock and CME Group commodities markets Thursday. It's a risk-off mentality that is turning markets lower.

The July corn futures contract closed 11 cents lower at $4.84. The Dec. corn futures finished 8 cents lower at $4.80. The July soybean futures contract closed 16 cents lower at $14.70. The Nov. soybean futures finished 16 cents lower at $12.17. July wheat futures finished 12 cents lower at $6.78 per bushel. The July soymeal futures contract ended $5.10 per short ton lower at $481.40. The July soyoil futures finished $0.34 lower at $41.04. 
In the outside markets, the NYMEX Brent crude oil is $0.80 per barrel lower, the dollar is lower, and the Dow Jones Industrials are 180 points lower.

Jack Scoville, PRICE Futures Group vice president, says the Funds are selling on charts and on forecasts for better weather next week. "Thursday's weekly export sales report showed nothing special except soybean meal strong.  

"Further selling on the neutral NOPA number; there had been bullish fears out there. Seasonally at this time of year we usually work lower as the crop gets planted, comes up, and looks pretty. The funds are huge longs, and I think we are running out of news to support the big long positions, so they are starting to look for the door."

Informa, the private analyst firm, released updated U.S. 2014 acreage estimates Thursday. Informa estimates 2014 U.S. corn plantings at 91.6 mil vs. USDA’s 91.7 mil vs. 95.4 mil last year.

Informa estimates 2014 U.S. soybean plantings at 82.1 mil vs. USDA’s 81.5 mil vs. 76.5 mil last year.

Informa estimates 2014 U.S. All wheat plantings at 56.1 mil vs. USDA’s 55.8 mil vs. 56.2 mil last year.

Informa estimates 2014 U.S. winter wheat plantings at 42.2 mil vs. USDA’s 42.0 mil vs. 43.1 mil last year.

Informa estimates 2014 U.S. other spring wheat plantings at 12.1 mil vs. USDA 12.0 mil vs. 11.6 mil last year.

Informa estimates 2014 U.S. all cotton plantings at 10.9 mil vs. USDA 11.1 mil vs. 10.4 mil last year.

 Meanwhile, the NOPA April Soybean Crush was estimated at 132.67 million bushels vs. month earlier 153.84 million.

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05/15/2014 @ 6:38pm You people again as i have said are complete idiots. Have you looked at the forecast? Freeze warning oh wait MN,SD,ND,WI dont count my bad

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