Farm markets close lower
CHICAGO, Illinois (Agriculture.com)--At the close, the CME Group grain and soybean markets trimmed earlier losses Monday.
The Dec. corn futures settled 8 cents lower at $6.77. The Nov. soybean contract closed 3/4 of a cent lower at $13.86 1/4. The Sep. wheat futures closed 5 1/4 cents lower at $6.89 1/2. The Dec. soybean meal futures contract ended $1.30 per short ton lower at $364.60 and Dec. soyoil futures closed $0.44 lower at $57.82.
In the outside markets, the NYMEX crude oil is $1.31 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 95 points.
Jack Scoville, PRICE Futures Group vice-president, says the markets are not having a thrilling day. "Part of the reason is the moderating weather outlooks for this coming weekend and next week which are not as hot and dry as they were expected to be on Friday."
Scoville adds, "The other part seems to be the EU issues and our own debt issues. The combination of the two have rallied the dollar and hurt commodities in general."