Corn, soybeans end lower
DES MOINES, Iowa (Agriculture.com)--Harvest pressure and a lack of bullish news kept the CME Group corn, soybean and wheat markets lower Tuesday.
The Dec. futures corn contract closed 8 cents lower at $7.40. Nov. soybean futures contract finished 29 cents lower at $16.40. Dec. wheat futures settled 14 1/2 cents lower at $8.63 per bushel. The Dec. soyoil futures contract ended $0.06 lower at $55.33. The Dec. soymeal futures contract settled $13.40 per short ton lower at $492.00.
In the outside markets, the NYMEX crude oil is $1.27 per barrel lower, the dollar is higher and the Dow Jones Industrials are 6 points higher.
Tim Hannagan, Alpari LLC (U.S.) senior grain analyst, says with Monday's crop condition reports all showing improved conditions for corn and beans, the market is losing reports and weather as the bullish sources they had been.
"Weather in late August was wetter and timely for very late maturing corn and beans, starting with the hurricane bringing a months worth of rain in three days," Hannagan says.
In addition, the September USDA Crop Report shows only marginal changes and that combined with improving conditions has traders feeling that the worst has been priced in, he says.
"As a result, this has brought further long liquidation and new selling. The trade is thinking we may be in our seasonal post growing season harvest pressure time of year," Hannagan says.