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Corn, soybeans finish lower

09/27/2012 @ 9:37am

DES MOINES, Iowa (Agriculture.com)--Even fresh demand couldn't keep the CME Group soybean markets higher Thursday. All markets ended weaker.

The Dec. futures corn contract settled 8 1/2 cents lower at $7.16 1/4. Nov. soybean futures contract ended 2 1/4 cents lower at $15.70. Dec. wheat futures ended 13 cents lower at $8.55 per bushel. The Dec. soyoil futures contract finished $0.47 higher at $52.58. The Dec. soymeal futures contract settled $3.00 per short ton lower at $473.90.

In the outside markets, the NYMEX crude oil is $2.12 per barrel higher, the dollar is lower and the Dow Jones Industrials are 84 points higher.

Jack Scoville, PRICE Futures Group vice president, says the bearish corn and wheat market factors are harvest activity and the lack of demand. For soybeans,  strong export sales have supported the price action today.  

"I am starting to line up my buy-side guys to be ready, if the market keeps working lower," Scoville says. I think mostly spec selling today, hearing very little farm movement. I also think that price and time are starting to converge on the harvest pressure and that we might see this thing form a low and move a bit higher in a week or two."

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