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Farm markets close lower

Updated: 08/24/2011 @ 1:44pm

CHICAGO, Illinois (Agriculture.com)--After a back-and-forth day of trading, the CME Group grain and soybean markets closed lower Wednesday.

After hitting a new contract high at $7.48, the Dec. corn futures contract traded both sides only to close 1/2 of a cent lower at $7.43. The Nov. soybean contract closed 3 3/4 cents lower at $13.93 1/2. The Dec. wheat futures settled 7 1/4 cents lower at $7.77 1/4. The Dec. soyoil futures closed $0.12 higher at $56.33. The Dec. soymeal futures closed $1.30 per short ton lower at $374.20.

In the outside markets, the NYMEX crude oil is $0.08 per barrel higher, the dollar is higher and the Dow Jones Industrials are up 64 points.

Gold dropped today. So, the investors were selling it and going into treasuries, according to Scott Shellady, ICAP derivatives manager, says. "The 'old' longs were getting out of gold today. The ag commodities were caught in the whirlwind of it all. There was no real story in the grain markets today," Shellady says.

Jack Scoville, PRICE Futures Group vice-president, says the market had moments of positive trading as it reacted to some weakness in the US Dollar as well as the continued poor production reports from the crop tour.  "But, I sense a lot more interest in selling today in both corn and beans.  Corn got close to $7.50 Dec and I heard a lot of local interest in selling against that level.  Beans made it to $14.00 Nov and I heard the same interest," Scoville says.

Scoville adds, "I also think we are hearing a lot of bad news about production, but demand is no thrill either.  We might talk about that a little more once the tour is about over, and this could cause the market to break a bit.  Some of the selling now is coming from the local and spec selling interest noted above along with a turn in the U.S. Dollar to a little higher and some weakness in equities."

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