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Corn, soybeans end lower

Updated: 09/26/2012 @ 2:31pm

DES MOINES, Iowa (Agriculture.com)--The fastest harvest on record is pushing the CME Group corn, soybean and wheat markets sharply lower Wednesday.

At the close, the Dec. futures corn contract settled 19 cents lower at $7.24. Nov. soybean futures contract ended 38 cents lower at $15.73. Dec. wheat futures finished 17 cents lower at $8.69 per bushel. The Dec. soyoil futures contract settled $1.42 lower at $52.11. The Dec. soymeal futures contract finished $11.20 per short ton lower at $476.90.

In the outside markets, the NYMEX crude oil is $1.44 per barrel lower, the dollar is higher and the Dow Jones Industrials are 21 points lower.

Tim Hannagan, Alpari LLC (U.S.) senior grain analyst, says worldly protests and a rapid U.S. harvest have the farm markets sharply lower.

"Dry weather the next seven days looks to speed the harvest pace and talk of better than expected yields have our seasonal post-growing season, harvest pressure time break, right on time, almost equal to last year," Hannagan says. 

Helping to pressure prices is the selling in stock indicies, metals and energies over rioting in Spain over euro dollar concerns, he says. "This has big funds selling just about everything," Hannagan says.

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mark guildenzoph fastest harvest on record 09/26/2012 @ 7:22pm Wow, yes it is the fastest harvest on record and on one of the worst drought years in history. Almost explained the reasoning with one comment. Why do I have to explain this so plainly again. When there is no rain you get no crops having said that there is no reason for the continued decline except greedy profit takers. Whatever little crops are out there are so dry they are dieing off. This is caused by lack of rain in the most important stages of the plants. For example corn stalks are shriveling and snapping of in the slightest breeze, as well as the pods shattering and dropping beans because of brittleness and drying to quickly. For these reasons alone are why we farmers are so early and eager to get what crops we can before its all gone. The reason for the increased pace of the process is because the yields are so bad and low we can do twice the ground in half the time. It doesn't take a genius to look out a window and see there are no crops. Put a price on that and then call china idiots

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thanks 09/26/2012 @ 9:59am thanks for another crappy week of knocking our prices down our yields still suck by the way

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