Home / Markets / Markets Analysis / Corn market / Farm markets close lower

Farm markets close lower

09/21/2011 @ 9:42am

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."

CancelPost Comment
MORE FROM MIKE MCGINNIS more +

Soybeans Close 18¢ Higher By: 07/23/2014 @ 8:38am DES MOINES, Iowa (Agriculture.com)--The CME Group soybean market finished stronger, leading the way…

Soybean Prices to Tick Higher Wednesday By: 07/23/2014 @ 7:41am On Wednesday, the CME Group's corn, soybean, and wheat markets are expected to start mostly…

Soybeans Close 13¢ Lower By: 07/22/2014 @ 9:17am DES MOINES, Iowa (Agriculture.com)--After starting higher, the CME Group corn, soybean and wheat…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Soybeans Rally on Demand, Weather