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Deliveries drop wheat market

11/30/2012 @ 9:48am

DES MOINES, Iowa (Agriculture.com)--The CME Group corn, soybean and wheat markets finished lower Friday.

The March futures corn contract settled 6 cents lower at $7.52. Jan. soybean futures contract closed 9 cents lower at $14.38. March wheat futures finished 22 cents lower at $8.63 per bushel. The Jan. soyoil futures contract finished $0.38 lower at $49.74. The Jan. soymeal futures contract finished $0.90 per short ton lower at $434.90.


In the outside markets, the NYMEX crude oil is $0.83 per barrel higher, the dollar is lower and the Dow Jones Industrials are 6 points higher.

Jack Scoville, PRICE Futures Group vice-president, says the lower markets seem to be mostly speculators selling.

"I see little producer-selling anywhere. But, with today being the 'first notice day' for Dec. corn, wheat and oat deliveries, we are seeing more come in than expected.  It's the end of the month. So, the funds and some big specs are getting out for these reasons," Scoville says. Also, there may be a little selling from Brazil with the Real falling, but not a lot, he says.   

"Given the volatility, I am a little quiet. I think this is mostly a long liquidation play and not so much based on fundamentals.  No demand news to speak of and not much offer either," Scoville says.

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mark guildenzoph Predictable Friday 11/30/2012 @ 11:11am Its funny to the average farmer that know matter what is going on in the market one thing is for sure if its Friday the grain market is down. Today the reasoning is end of the month sell off when analysts just posted in the beginning of week that selling has come to a stand still with the completion of harvest. Last week it rained in brazil the week prior exports were down even with china buying everything they can get there hands on. Oh and lets not forget my favorite the yields are coming in higher than expected ha ha. Thats the best thing about trading paper you just need an excuse to make some money on Friday. I worked at the CBOT and let me tell you gentleman most of these traders have never seen a soybean or an ear of corn minus the grocery store. When you are in control of peoples lively hood I would think that there is more support to the US grain market based on fact than just winging it for the day to get through the weekend. /thanks for the support

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Re: Re: Predictable Friday 11/30/2012 @ 2:53pm Amen brother,they mess with our lives with no regret and I bet they also like to eat I wonder if they ever stop and think where their food comes from not the investors they cater to or stop to think about their jobs and what they are trading and where the corn,beans,wheat,cattle,and hogs come from it must be all magic it's just there.

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