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Corn ends lower, soybean up

06/24/2013 @ 8:36am

DES MOINES, Iowa (Agriculture.com)--With day-long pressure from 'outside' markets, the CME Group corn and wheat markets closed lower. Soybean prices were helped to finish higher by tight supply concerns and continued planting delays Monday.

The July futures corn contract closed 9 cents lower at $6.53. New-crop Dec. corn futures settled 10 cents lower at $5.46. The July soybean futures contract ended 18 cents higher at $15.12, new-crop Nov. soybeans closed unchanged at $12.73. July wheat futures finished 19 cents lower at $6.79 per bushel. The July soymeal futures settled $3.30 per short ton higher at $451.00. The July soyoil futures closed $0.47 lower at $47.55.

In the outside markets, the NYMEX crude oil is $1.30 per barrel higher, the dollar is lower and the Dow Jones Industrials are 50 points lower.

Dustin Johnson, eHedger grain analyst, says the macrofactors have a grip non commodities.

"The Chinese market, down over 5% this morning, certainly didn't help.  Capitulation from the rising interest rates has brought some money out of commodities as well," Johnson says.  

The temperatures were cooler than expected, over the weekend, and the two-week outlook looks favorable for crop growth, he says.  "These bearish factors are all contributing to today's break. But, we also believe that too much risk premium has been priced into grains and oilseeds anyway."

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