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Corn, soybeans settle lower

Updated: 09/05/2012 @ 2:30pm

DES MOINES, Iowa (Agriculture.com)--Profit-taking, a lack of bullish news, and no confirmation of China buying rumors kept the CME Group corn, soybean and wheat futures lower Wednesday.

At the close, the Dec. futures corn contract settled 14 1/4 cents lower at $7.90 3/4. Nov. soybean futures contract ended 20 3/4 cents lower at $17.47. Dec. wheat futures finished 21 cents lower at $8.67 3/4 per bushel. The Dec. soyoil futures contract finished $0.25 lower at $57.97. The Dec. soymeal futures contract ended $8.40 per short ton lower at $525.00.

In the outside markets, the NYMEX crude oil is $0.26 per barrel higher, the dollar is lower and the Dow Jones Industrials are 16 points higher.

Tim Hannagan, Alpari (U.S.) senior grain analyst, says the market is acting like it's 'turn around Tuesday' on Wednesday, due to Monday's closing. 

"We had big buying in the grains Monday night, into Tuesday, as record rainfall from the hurricane presented flooding of low croplands in the southern Delta and eastern Corn Belt. With beans hitting highs for the year Tuesday, and corn and wheat gaining big profits, Tuesday became a chance for traders to bank some profits," Hannagan says. Also, the market is attempting to trim some of the weak 'longs' out, ahead of next week's big USDA Crop Report, he says  

"Last month, we saw the report release on Friday. Within that week, Monday and Tuesday were down days with Wednesday, Thursday and Friday having big upward gains.  Today's break is timely and sets up a buying opportunity prior next week's crop report. The industry fears that report will show lower yields and production, again," Hannagan says. 

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