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

Farm markets close weaker

07/14/2011 @ 9:54am

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." 


CancelPost Comment
MORE FROM MIKE MCGINNIS more +

USDA Data Drops Corn 18¢ Tuesday By: 03/31/2015 @ 10:22am DES MOINES, Iowa (Agriculture.com)—It’s a big surprise from the USDA Tuesday. The U.S…

Corn, Wheat Close 18¢ Lower By: 03/31/2015 @ 8:37am DES MOINES, Iowa  (Agriculture.com)—On Tuesday, a USDA Report that showed greater U.S. corn…

Ahead of USDA, Corn, Soybeans Seen Lower… By: 03/31/2015 @ 7:25am On Tuesday, the CME Group's corn, soybean and wheat markets are expected to start lower. USDA…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Planter tips: Seeds
Agriculture.com

FREE MEMBERSHIP!

CLOSE [X]