Farm markets close lower
DES MOINES, Iowa (Agriculture.com)--Favorable planting weather kept the CME Group corn, soybean and wheat prices in negative territory Monday.
The July corn futures settled 7 1/4 cents lower at $6.13 1/2. The July soybean contract finished 16 1/2 cents lower at $14.24 1/4. The July wheat futures closed 9 cents lower at $6.21 1/4. The July soymeal futures settled $3.90 per short ton lower at $393.90. The July soyoil futures ended $0.82 lower at $56.05.
In the outside markets, the NYMEX crude oil is $0.13 per barrel higher, the dollar is higher and the Dow Jones Industrials are up 121 points.
Meanwhile, the USDA announced it will delay the weekly Crop Progress Report from Monday to Tuesday, due to an electrical fire.
Tim Hannagan, PFGBest.com senior grain analyst, says the market is focused on the weather.
"The trade will ignore the progress number and trade the weather effect on planting. As the near term moisture benefits what's planted and the 10- day drier forecast assures a record planting pace, the weather is bearish," Hannagan says.
Jack Scoville, PRICE Futures Group vice president, says the weather is just too good for the markets. "I think the moves lower today had mostly to do with the weather here and on some spec-selling. We got lots of great rains in the Midwest and Great Plains and planting progress will go fast now," Scoville says.
We are not getting the weekly reports today but people expect up to 25% of the corn crop to be in along with a few of the beans, Scoville says.
"I think this is too high, but it might not matter as planting progress will be rapid and we will look for very good yield potential just for that reason. It is also the reason why Sep Corn has been a dog lately compared to other months," Scoville says.