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Corn, wheat end sharply lower

Updated: 05/29/2012 @ 1:37pm

DES MOINES, Iowa (Agriculture.com)--With the CME Group soybean futures market giving up a big rally and corn and wheat prices settling sharply lower, Tuesday's trading action proved to be very volatile.

The July corn futures settled 19 1/2 cents lower at $5.59, while the Dec. contract finishing 8 1/2 cents lower at $5.13. The July soybean contract finished 4 cents higher $13.86, while the Nov. 2012 contract settled 3 3/4 cents higher at $12.93. The July wheat futures ended 24 cents lower at $6.56. July soyoil futures closed up $0.06 at $50.18. The July soymeal futures settled $3.20 per short ton higher at $412.50. 
In the outside markets, the NYMEX crude oil is $0.17 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 73 points.


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CBOT dosent know how dry it is 05/29/2012 @ 4:01pm i am an north central iowa farmer ... this spring i removed an old grove from my farm dug holes to bury root balls and burn trees 16 feet deep top foot had some moisture next 3 ft had very little 12 ft of clay came up like sand and blew out of backhoe bucket IOWA STATE says corn takes 10 to 12 inches of available moisture .......since planting my farm has had less than 2 where will USDA get its bushels ????

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nice 05/29/2012 @ 1:12pm i see we are starting out another week with a kick to the farmers again thanks for the support cbot.

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