Corn, soybeans end lower
DES MOINES, Iowa (Agriculture.com)--After starting higher, the CME Group corn, soybean, and wheat markets fell under selling pressure to end lower Thursday.
The Dec. corn futures contract settled 2 cents lower at $4.28. The Nov. soybean futures contract finished 7 1/4 cents lower at $12.80. Dec. wheat futures ended 7 1/4 cents lower at $6.67 per bushel. The Dec. soymeal futures contract finished $8.20 per short ton lower at $403.60. The Dec. soyoil futures ended $0.29 lower at $41.33.
In the outside markets, the NYMEX crude oil is $0.14 per barrel lower, the dollar is higher, and the Dow Jones Industrials are 27 points higher.
"The market's reaction to the numbers is surprising," one grain analyst, requesting anonymity, says. "The bears are saying that it's a 'buy the rumor, sell the fact' mentality. Some folks are really scratching their heads as to why soymeal and soyoil tipped over first." On Thursday, the USDA released three weeks' worth of weekly export sales. The corn exports total 5.238 tons vs. the trade's expectation of 1.9 to 2.5 mt.
For soybeans, the USDA estimates the past three weeks' sales at 4.74 tons vs. the trade's expectations of 2.4 to 3.0 mt.
Wheat sales were estimated at 1.31 tons vs. the trade's expectations of 1.5 to 2.0 mt.
Separately, USDA announced Thursday that Japan bought 123,040 tons of U.S. corn for 2013-14 delivery.
USDA announced Thursday that S. Korea bought 174,000 tons of U.S. corn for 2013-14 delivery.