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Farm markets close lower

Updated: 04/27/2011 @ 2:06pm

CHICAGO, Illinois (Agriculture.com)--The CME Group grain and soybean markets remain lower Wednesday.

At mid-session, the July corn futures are 10 1/4 cents lower at $7.62 1/2. The July soybean contract is 7 3/4 cents lower at $13.81 1/2. The July wheat futures are 42 cents lower at $8.05. The July soybean meal futures are $2.90 per short ton lower at $361.50. The July soyoil futures opened $0.20 lower at $58.42.

In the outside markets, the NYMEX crude oil is $0.35 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 16 points.

Weekly crude oil stocks jumped 6.0 million barrels, vs. the trade's expectations of 1.2 million. The outside markets are unfavorable for the grain and soybean markets. Plus, profit-taking is sinking the ag commodities Wednesday, traders say.

Jack Scoville, PRICE Futures Group vice-president, says today's trade has been strange. "The weather is a little mixed, some rains reported in Europe and China, but still dry in the southern Great Plains.  Kansas did get some beneficial precip in the south, though. Forecasts for drier and warmer west of the Mississippi starting next week. So, some talk we could see some planting then, but the southern and eastern sections look to stay wet, wet, wet," Scoville says.

He adds, "The Federal Reserve meeting minutes came out with no fears realized and not a lot of changes.  Morgan Stanley went from overweight to neutral in commodities today, causing some selling."  Wheat has been the leader lower and must be on weather and some fund selling, he says.  

"Soybeans are holding the best and I have no good reason why it should be strongest.  Corn is weaker on the weather I guess.  I think the funds are the big sellers today.  The news does not really suggest we need all this weakness," Scoville says.

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