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Corn, soybeans end lower

Updated: 08/01/2012 @ 2:23pm

DES MOINES, Iowa (Agriculture.com)--Early harvest reports send the CME Group corn, soybean and wheat markets to a lower close Wednesday.

The Sep. contract finished 4 1/4 cents lower at $8.02, while the Dec. futures corn contract finished 3 1/4 cents lower at $8.02. The August soybean contract settled 40 cents lower $16.81, Nov.  futures finished 12 cents lower at $16.29. Aug. soyoil futures settled $0.65 lower at $51.90. The Aug. soymeal futures finished $7.70 lower at $537.00. 
In the outside markets, the NYMEX crude oil is $0.36 per barrel higher, the dollar is higher and the Dow Jones Industrials are 15 points lower.

Jack Scoville, PRICE Futures Group vice president, says some harvest activity is being reported in the South today and that is probably part of the market pressure.

"By South, I mean southern Delta. No idea of yields but it is going on," Scoville says.  

Gus Wilson, University of Arkansas Extension Agent in Chicot, County, says the area has great yield potential.

"Dryland corn that is being harvested is yielding between 140-175 bu./acre. Irrigated corn yields are coming in between 165-260," Wilson says.

And even some southeast Arkansas soybean fields have been harvested. A dryland field, cut this week, yielded 35 bu./acre. "That is not bad for dryland beans around here," Wilson says.

Meanwhile, farmers in Minnesota report weakening cash basis prices, Scoville says.

"So, buyers are leaving for now, and that is not good for bull markets.  But this is wild here, today, and I have nothing specific for the magnitude except that when people decide to go through the 'door' that 'door' gets very small.  I am hoping some 'buy side' shows up somewhere here soon, but I have not seen a lot so far," Scoville says.

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