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Corn, soybeans, wheat close lower

Updated: 08/24/2010 @ 2:21pm

CHICAGO, Illinois (Agriculture.com)--Just as they traded all session, the CME Group grain markets closed lower Tuesday.

The Dec corn futures closed 12 1/4 cents lower at $4.20 1/2. The Nov. soybean contract ended 6 1/2 cents lower at $9.99. The Dec. wheat futures are 21 cents lower at $7.04 1/2. The Dec. soymeal futures contract is $4.49 per short ton lower at $290.00, and Dec. soyoil up 14 points at $39.96.

In the outside markets, the NYMEX crude oil is $1.47 per barrel lower, the dollar is lower, and the Dow Jones Industrials are down 101 points.

Tim Hannagan, PFGBest.com senior analyst, says the markets are getting from all sides Tuesday. "After posting light gains on the overnight, and weaker openings after friendly crop condition report for beans, grains sold off and continued lower on the today's day session on several issues."

First off, rains are falling over 80% of the previously dry Russian wheat prairies, suggesting winter wheat planting may begin, he says. "Two, the U.S. harvest begins shortly and seasonal pressure sets in. Third third market-negative point, funds are taking long profits before the month ends paying out the bonuses. Funds can earn 2 to 3% bonus on profits taken before month end."

Don Roose, U.S. Commodities, says that last week, of the five grains combined, the index funds sold out of 29,000 contracts. "So, when you thought they would be putting more money into the market, the funds were taking money off of the table."

Roose adds, "Going forward, the market does need something new to turn bullish. The markets will be keeping a close eye on yield reports." 

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