Farm markets close lower
DES MOINES, Iowa (Agriculture.com)--Losing ground all session, the CME Group grain and soybean prices settled lower Wednesday.
The Dec. corn futures settled 4 1/2 cents lower at $6.85 3/4. The Nov. soybean contract settled 17 1/2 cents lower at $13.20 1/2. The Dec. wheat futures closed 8 cents lower at $6.66 3/4. The Dec. soymeal futures ended $6.10 per short ton lower at $344.20. The Dec. soyoil futures closed $0.29 lower at $55.34.
In the outside markets, the NYMEX crude oil is $1.65 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 100 points.
The Fed Reserve announced Wednesday that it plans to shift $400 billion to boost economy. Opinions on whether this will provide economic stimulus is being debated.
Jack Scoville, PRICE Futures Group vice-president, says the soybeans are down on selling today. "Not sure why beans, above all else, are being sold off. But, maybe no new export news from China, plus China importing less in August in the data it released today, is hurting the bean market."
Wheat is too dry in the southern Plains again, helping that market, he says. "For corn, it must be up on some demand starting to show up at these cheaper levels. Overall, it is very quiet, even the specs are waiting until the FOMC release this afternoon," Scoville says.
The trade is expected to remain quiet, he says. "Traders are hearing decent initial yields for corn and soybeans, we see if this keeps up as the harvest expands."