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Farm markets close weaker

Updated: 07/14/2011 @ 2:46pm

CHICAGO, Illinois (Agriculture.com)--After starting with a mixed trading pattern, the CME Group grain and soybean markets settled mostly lower Thursday. 

Weekly export sales were friendly but not surprising, the dollar is higher, all providing some price-pressure.

The Dec. corn futures settled 1 1/4 cents lower at $6.78 1/2. The Nov. soybean contract closed 4 1/4 cents higher at $13.84. The Sep. wheat futures settled 7 1/2 cents lower at $7.07. The Dec. soybean meal futures contract closed $2.40 per short ton higher at $362.80 and Dec. soyoil futures settled $0.29 lower at $58.24.

In the outside markets, the NYMEX crude oil is $2.29 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 32 points.

Tim Hannagan, PFGBest.com senior grain analyst, says weather and outside markets are the market's focus. "They traded the hot dry weather in the forecast Tuesday and Wednesday. But today, corn is following crude oil as 'longs' in the grains won't add to their position until Friday, if the forecast still has the heat dome in for all of next week." 

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