Deliveries drop wheat market
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.