Corn, Soybeans End Lower
DES MOINES, Iowa (Agriculture.com)--On Wednesday, the CME Group new-crop corn market dropped settled in the $3.00 area, while soybeans knocked around the $10-plus range.
The Dec. corn futures settled 6 1/4 cents lower at $3.98.
Nov. soybean futures closed 12 1/2 cents lower at $11.03.
Sep. wheat futures ended 5 cents lower at $5.51.
The Dec. soymeal futures contract closed $2.10 per short ton lower at $355.20. The Dec. soyoil futures settled $0.67 lower at $37.30.
In the outside markets, the NYMEX Brent crude oil is $1.37 per barrel lower, the dollar is lower and the Dow Jones Industrials are 76 points higher.
Mike North, First Capitol Ag Senior Risk Advisor, says the markets are testing support levels that have been watched for quite some time. "Corn broke through $4, but will need a more convincing break to keep sellers motivated. Soybeans are hovering just north of $11. The trade is bringing together the technical elements of the market with the fundamental weight hanging over it. Weather remains cooperative as forecasts through end of July support strong pollination results and big yields," North says.