Farm Markets End Lower
DES MOINES, Iowa (Agriculture.com)--With follow-through selling from Monday's USDA Report, the CME Group's corn, soybean and wheat markets settled lower Tuesday.
At the close, the Dec. corn futures settled 2 1/2 cents lower at $4.22 3/4.
Nov. soybean futures ended 9 3/4 cents lower at $11.47.
Sep. wheat futures settled 5 cents lower at $5.72.
The Dec. soymeal futures contract closed $5.30 per short ton lower at $362.10. The Dec. soyoil futures settled $0.08 higher at $39.23.
In the outside markets, the NYMEX Brent crude oil is $0.54 per barrel lower, the dollar is higher and the Dow Jones Industrials are 158 points higher.
Jack Scoville, PRICE Futures Group senior grain analyst, says that today's lower market action is mostly follow-through selling. "A lot of people got trapped long in the beans and rallies will be sold. That and the fact that the big acres take out some of the weather risk should keep the beans losing premium to corn and wheat for the short term if not longer."
Scoville adds, "Beyond that, I think wheat and corn are looking to be bought, I think they are down enough. Lots of interest from customers on this idea, too. Wheat prices are close enough to world values now and corn is below costs, so cash market offers should be gone."