Corn, soybeans settle lower
DES MOINES, Iowa (Agriculture.com)--Improved crop-weather in South America pushed the CME Group corn, soybean and wheat markets to lower closes Tuesday.
The March futures corn contract settled 6 cents lower at $6.96. The March soybean futures contract finished 10 cents lower at $14.20. March wheat futures ended 9 cents lower at $7.32 per bushel. The March soyoil futures contract finished $0.14 lower at $51.10. The March soymeal futures settled $2.70 per short ton lower at $410.30.
In the outside markets, the NYMEX crude oil is $0.45 per barrel higher, the dollar is lower and the Dow Jones Industrials are 52 points higher.
Tim Hannagan, Alpari LLC senior grain analyst, says the markets are reacting to favorable crop-weather in South Americ.
"We're in the key yield development time for corn and beans in Argentina and Brazil. Grains are breaking, as we entered the week with measurable rain totals called for the recent dry areas of southern Brazil and northern Argentina."
Today's update on weather increased the total rainfall and coverage with more expected in the 15-day outlook.
"That would take you through 80% of the key yield time. This has traders selling out of recent longs and going short as this rainy event all but assures record crops," Hannagan says.