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Farm markets close lower

07/28/2011 @ 9:41am

CHICAGO, Illinois (Agriculture.com)--The CME Group grain and soybean markets just couldn't find any bullish news to trade Thursday.

The Dec. corn futures settled 5 1/4 cents lower at $6.86 1/4. The Nov. soybean contract closed 9 cents lower at $13.71 1/2. The Sep. wheat futures contract closed 11 1/2 cents lower at $6.93 1/4. The Dec. soybean meal futures contract settled unchanged at $363.30. The Dec. soyoil futures contract finished $0.76 lower at $56.55.

In the outside markets, the NYMEX crude oil is $0.11 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 22 points.

Jack Scoville, PRICE Futures Group vice-president, says that Thursday's Weekly Export Sales Report was maybe in-line with expectations, but weak across the board. 

"Plus, lots of talk that the crops are pollinating stress-free, although I don’t think that is completely correct. Some talk of corn yield loss due to pollinating in the heat, but really not getting much play with all the rain around," Scoville says. And, there are ideas that the worst of the heat is passing too. All of this is negative towards the market."

Trade volume seemed very light today, Scoville says. So, there is just not a whole lot of interest out there.  People waiting for more weather news, or some demand news, or some DC news, or something to trade on."

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