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Crude drops grain prices

Updated: 08/31/2010 @ 2:44pm

CHICAGO, Illinois (Agriculture.com)--The outside markets sink the CME Group grain markets Tuesday.

The Dec corn futures closed 2 1/4 cents lower at $4.39 1/4. The Nov. soybean contract settled 12 1/2 cents lower at $10.10. The Dec. wheat futures closed 18 3/4 cents lower at $6.85 3/4. The Dec. soyoil ended 48 points down at $40.05. The Dec. soymeal futures are $3.50 per short ton lower at $295.20.

In the outside markets, the NYMEX crude oil is $2.93 per barrel lower, the dollar is lower, and the Dow Jones Industrials are down 24 points.

Jack Scoville, PRICE Futures group, says Tuesday's grain market was hit by poor outside markets. "Looks like selling from the crude is hitting the grains a bit, and also some liquidation trading in wheat hitting the beans."

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