Corn, Soybeans End Lower
DES MOINES, Iowa (Agriculture.com)--The CME Group corn and soybean markets finished lower Tuesday.
At the close, the Dec. corn futures settled 2 1/2 cents lower at $3.65.
Nov. soybean futures ended 1 3/4 cents lower at $10.28.
Dec. wheat futures finished 2 cents higher at $5.56.
Dec. soymeal futures finished $0.20 lower at $343.50. Dec. soyoil futures settled $0.21 higher at $33.17.
In the outside markets, the crude oil is $0.57 per barrel higher, the dollar is higher, and the Dow Jones Industrials are 51 points higher.
Jack Scoville, PRICE Futures Group vice president, says that the beans have collapsed; whoever needed to do something in terms of buying Sep is done. "Other than that, it is high crop ratings and forecasts for real good weather for the next week or two that are keeping the market down. Production ideas here are generally higher than the Pro Farmer tour as people keep thinking a big crop gets bigger, and with the rains and warmer temps around, no one is too worried. I am hearing about some stress to crops in Nebraska for some reason, and also some SDS in southwest Corn Belt areas, but no one right now seems to care. I think beans got the most downside potential; not sure how much more down there is in corn, and I am actually kind of interested in buying wheat," Scoville says.