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Soybeans end 28¢ lower

Updated: 10/28/2013 @ 3:09pm

DES MOINES, Iowa (Agriculture.com)--On Monday, the CME Group's corn market hit close to a 38-month low, while soybeans were pressured by farmer-selling.

The Dec. corn futures contract closed 9 cents lower at $4.30. The Nov. soybean futures contract settled 28 cents lower at $12.71. Dec. wheat futures ended 9 cents lower at $6.81 per bushel. The Dec. soymeal futures contract closed $8.80 per short ton lower at $414.70. The Dec. soyoil futures closed $0.37 lower at $40.36. 

In the outside markets, the NYMEX crude oil is $0.76 per barrel higher, the dollar is higher and the Dow Jones Industrials are 24 points higher.

Jack Scoville, PRICE Futures Group vice-president, says farmer selling could be hurting the soybean market.

 "It's interesting that we are so low even with the good demand.  Maybe some farmers delivered or something.  I have heard that planting progress is about normal in Brazil.  Plus the weather there is good.  And, I am longer term bearish, but not really expecting a dive like this today."

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