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Farm markets close lower

Updated: 07/25/2011 @ 1:28pm

CHICAGO, Illinois (Agriculture.com)--With U.S. financial uncertainty and helpful weekend rain, the CME Group farm markets closed weaker  Monday. However, they finished off their daily lows. 

The Dec. corn futures settled 11 cents lower at $6.74 1/2. The Nov. soybean contract closed 16 1/4 cents lower at $13.72. The Sep. wheat futures are not settled yet, but last traded 3 3/4 cents lower at $6.91. The Dec. soybean meal futures contract settled $6.20 per short ton lower at $363.10 and Dec. soyoil futures ennded $0.53 lower at $56.95.

In the outside markets, the NYMEX crude oil is $0.44 per barrel lower, the dollar is lower and the Dow Jones Industrials are down 41 points.

Favorable rains from the weekend have the grain markets trading in a lower pattern, traders say.

Jack Scoville, PRICE Futures Group vice-president, says selling is coming from two different directions. "First, this week's weather is a lot different than last week's. Instead of extreme heat and humidity we are looking at still above normal temps but nothing extreme.  Plus some showers over the second half of the week."  

Southern areas, though, should stay dry, and the farther west you go the worse it gets in the South, he says.  

"But, these are different forecasts than we left with on Friday, much easier on the body and the corn, and we are seeing the market's reaction.  Plus, we got Washington and the stuff going on there to provide a reason to sell," Scoville says. 

Scoville adds, "Otherwise, kind of a quiet day so far I think, the floor seems emptier than normal and quieter than normal today."

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