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Corn, soybeans settle lower

Updated: 09/24/2012 @ 3:02pm

DES MOINES, Iowa (Agriculture.com)--The CME Group corn, soybean and wheat markets settled lower, as the trade considers better harvest yields Monday.

The Dec. futures corn contract settled 3 1/2 cents lower at $7.44 3/4. Nov. soybean futures contract ended 11 3/4 cents lower at $16.10. Dec. wheat futures finished 5 1/4 cents lower at $8.92 per bushel. The Dec. soyoil futures contract settled $0.66 lower at $54.17. The Dec. soymeal futures contract finished $1.80 per short ton lower at $484.20.

In the outside markets, the NYMEX crude oil is $0.96 per barrel lower, the dollar is higher and the Dow Jones Industrials are 11 points higher

Tim Hannagan, Alpari (U.S.) LLC senior grain analyst says the markets continue their seasonal post-growing season/harvest correction. 

"With the worst yielding crops harvested first, we' now hearing of better yielding crops and talk of generally better yields than thought prior," he says. 

This afternoon's weekly USDA Crop Progress Report is expected to show improvement in conditions, he says. 

"The market ignored the Midwest frost Sunday night/Monday morning, as we're thought to be to be too far along in the growing cycle to be damaged," Hannagan says. 

Supply-side fundamentals of production take a back seat to trading funds booking late month-end profits before they enter lightly long ahead of the next crop report, he says. 

"Traders won't be aggressive buyers, prior the report, with upside more limited to short covering, as many believe the better rain in August and early September followed by improved crop condition ratings could lead to an increase in production numbers on the October 11 USDA monthly crop report," he says. 

Hannagan adds, "This week's price break will be early in the week, as Friday we have the grain stocks report.Traders are thinking the early harvest may have more grain showing up in inventory as of September 1. The late week bounce could be minimal as the early harvest was largley the worst of our corn that went to silage."

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