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Corn, soybeans finish lower

Updated: 08/06/2012 @ 2:30pm

DES MOINES, Iowa (Agricultre.com)--Rainfall over the eastern Corn Belt kept a 'thumb' on the CME Group corn, soybean and wheat markets Monday.

The Sep. corn contract closed 7 cents lower at $8.03, while the Dec. futures corn contract finished 2 1/2 cents lower at $8.05. The August soybean contract closed 48 3/4 cents lower $16.07 1/2, Nov. soybean futures settled 44 cents lower at $15.84 1/4. Aug. soyoil futures finished $0.56 lower at $51.48. The Aug. soymeal futures closed $13.30 lower at $518.20. 
In the outside markets, the NYMEX crude oil is $0.73 per barrel higher, the dollar is lower and the Dow Jones Industrials are 72 points higher.

Tim Hannagan, Apari LLC senior grain analyst, says the traders are pricing in the weather that saw better than expected rain over the weekend. "Most of the heavy rain was in the eastern Crain Belt. 

Today's low could hold as a low for the next three days as traders will begin to get positioned for Friday's USDA Crop Report, Hannagan. 

"No one will want to be short Friday. So ,expect short covering and speculators will be buyers, fearing another bullish report on lower production and ending stocks," Hannagan says.

Alan Brugler, Brugler Marketing & Management LLC president, agrees that weather is driving the markets lower.

"Yes,  improvement in Iowa and points east, although some got skipped. Hearing definite improvement in eastern Corn Belt soybeans, with new growth and lots of flowers," Brugler says.

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