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Farm markets fall hard

Updated: 06/14/2011 @ 3:59pm

CHICAGO, Illinois (Agriculture.com)--Just as they started the day's trade, the CME Group grain and soybean prices closed sharply lower Tuesday.

After hitting 'limit' down, the July corn futures settled 27 cents lower at $7.55 1/2. The July soybean contract closed 14 3/4 cents lower at $13.68. The July wheat futures ended 11 3/4 cents lower at $7.31 1/4. The July soybean meal futures settled $11.40 per short ton lower at $358.70. The soyoil futures settled $0.03 higher at $56.85.

In the outside markets, the NYMEX crude oil is $2.03 per barrel higher, the dollar is lower and the Dow Jones Industrials finished up 123 points.

Jack Scoville, PRICE Futures Group vice-president, says today's markets traded weather and crop progress. 

"USDA showed corn basically planted and soybeans making big progress. The weather under those circumstances appears pretty favorable, with the rains through today and tomorrow and then dry and warmer.  We hit a lot of stops in both corn and soybeans on the way down, to help push us to the lows," Scovile says.  

Scoville adds, "Cash markets are still short on supply, it seems, and my farmer-customers appear all sold out. So, we could see some end-user demand take advantage of this break.  So far, they are keeping a close eye on it and will buy today or tomorrow, I think."

Meanwhile, technically, the corn market wasn't much damaged today, Tom White, a CME Group corn pit trader says. "Corn was down on profit-taking and a technical gap-fill down to $7.66 1/2. The lower prices are fueled by 'stops' and over-selling, after hitting record highs for two sessions in a row. I still think a rally will be brought on again with demand and not enough corn."

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