Corn, soybeans finish weaker
DES MOINES, Iowa (Agriculture.com)--Pressure from lack of fresh news and some farmer-selling closed the CME Group's corn, soybean and wheat markets lower Thursday.
The Dec. corn futures contract closed 3 1/4 cents lower at $4.26. The Nov. soybean futures contract ended 1 1/2 cents lower at $13.13. Dec. wheat futures are 3/4 of a cent lower at $6.44 per bushel. The Dec. soymeal futures contract settled $1.30 per short ton higher at $424.60. The Dec. soyoil futures are trading $0.01 higher at $40.97.
In the outside markets, the NYMEX crude oil is $0.06 per barrel lower, the dollar is higher and the Dow Jones Industrials are 55 points higher.
Jack Scoville, PRICE Futures Group vice-president, says the markets still await fresh news to trade.
"Corn is waiting on EPA's fuel standard decision and beans and SBO got support from the India buying," Scoville says.
There's talk of supposed farmer-selling in beans, he says.
Wheat is up on ideas that Brazil bought another 60,000 tons of HRW yesterday and waiting on Egypt, he says.
"Some short covering going on the lower prices in corn, beans as I say not a lot of selling interest on big demand ideas. That might be the big feature in beans. I think I am most interested in buying wheat as it is near a support area now and the demand seems to be picking up."