Corn, soybeans end lower
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.