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Corn, wheat markets fall

Updated: 05/10/2013 @ 1:58pm

DES MOINES, Iowa (Agriculture.com)--With the USDA/WASDE report showing little change in crop production or carryouts, but large world ending stocks, the CME Group corn, soybean and wheat markets closed sharply lower Friday.

The July futures corn contract settled 12 cents lower at $6.36. New-crop Dec. futures settled 12 cents lower at $5.29. The July soybean futures contract ended 9 cents lower at $13.99, new-crop Nov. soybeans finished 13 cents lower at $12.05. July wheat futures finished 19 cents lower at $7.04 per bushel. The July soymeal futures closed $6.40 per short ton lower  at $406.80. The July soyoil futures ended $0.01 higher at $49.23.
In the outside markets, the NYMEX crude oil is $1.31 per barrel lower, the dollar is higher and the Dow Jones Industrials are 5 points lower.

Ken Smithmier, grain analyst with The Hightower Report, says the USDA/WASDE numbers Friday just didn't have any friendly news in it. 

"The burden of proof for the USDA, in these reports, was to show something bullish. And there was nothing that impressed the 'bulls'. Plus, with all of the negative outside market sentiment today, related to commodities, this lower trading day is just what's going to happen," Smithmier says.  

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