Home / Markets / Markets Analysis / Corn market / Corn, soybeans tank on demand worries

Corn, soybeans tank on demand worries

Jeff Caldwell 07/11/2012 @ 2:22pm Multimedia Editor for Agriculture.com and Successful Farming magazine.

Grain futures started Wednesday's trade sharply higher on USDA's slashing of projected corn and soybean yields and demand. Then, the latter seemed to gradually outweigh the former and traders responded, sending the grains to sharply lower closing prices.

At the close of Wednesday's open-outcry session, the July corn futures contract was 10 3/4 cents lower at $7.50 1/4, the September contract was 14 1/4 cents lower at $7.04 1/4 and the December contract was 13 1/2 cents lower at $7.04. Soybeans shared corn's slide; the July contract finished 24 3/4 cents lower at $16.24, August beans were 16 lower at $15.74 1/2 and September beans were 16 1/4 lower at $15.41 1/2.

Wheat joined the bearish party, but didn't stay long and ended slightly higher; July wheat was 4 cents higher at $8.08 3/4, September wheat was 6 1/4 higher at $8.27 1/2 and December wheat was 3 3/4 higher at $8.39.

The mostly lower closing prices ended a roller coaster of a session Wednesday after USDA released grain supply/demand numbers that show U.S. crop yields are sliding fast. But, at the same time, USDA cut feed usage and export demand. Early in the session, yield numbers kept the grains higher until about mid-session, when traders seemed more focused on the lighter demand than the lighter yields.

CancelPost Comment
MORE FROM JEFF CALDWELL more +

Soybeans blast off on strong processing data By: 04/15/2014 @ 3:27pm Soybean futures topped out Tuesday above $15/bushel for the first time in quite a while on news…

Farm Debt-to-asset Ratios Lowest in 20 Years… By: 04/15/2014 @ 2:27pm Farm debt's increased a lot over the last 2 decades. Bad news, right? At the same time…

Corn Planting Sags; Wheat Worries Mount By: 04/15/2014 @ 9:21am Corn planting is underway in the U.S. That's the good news. The bad news is as of mid-April…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Farm markets Rally on Weather, Ukraine