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Farm markets close lower

09/06/2011 @ 9:56am

DES MOINES, Iowa (Agriculture.com)--Sinking outside markets kept a lid on the CME Group grain and soybean markets Tuesday, traders says.

The Dec. corn futures settled 4 1/4 cents lower at $7.55 3/4. The Nov. soybean contract settled 23 1/4 cents lower at $14.22 1/4. The Dec. wheat futures closed 15 1/2 cents lower at $7.60. The Dec. soymeal futures ended $9.80 per short ton lower at $375.20. The Dec. soyoil futures closed $0.22 lower at $58.04.

In the outside markets, the NYMEX crude oil is $0.40 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 163 points.

Joe Bedore, FC Stone Inc.'s CME Group grain floor manager, says the markets are certainly being pulled down by outside factors.

"We did see some bearish crop estimates today from Informa, the private analyst firm. However, I think the sharp drop in the stock market, the stronger dollar and the lower crude oil markets have more to say today."

Jack Scoville, PRICE Futures Group vice-president, says the markets are down mostly on the selling seen in the financial markets, worldwide fear and loathing on the world economies.  

"You can see and hear fear everywhere, I guess, as I caught some of it up in Wisconsin over the weekend," Scoville says.

Cooler weather and some rains in some drier spots over the weekend helped pull this market down, too, but I guess there is still parts of Illinois and Indiana that are too dry, he says.  

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