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Farm markets 'tank'

Updated: 03/15/2011 @ 2:08pm

--Corn closed at 2 month lows

--Soybeans closed at 3 1/2 month lows

--Wheat hit 7 1/2 month lows

--Soyoil hit 'limit' down

CHICAGO, Illinois (Agriculture.com)--Panic-selling created a free-fall in CME Group grain markets Tuesday, traders and analysts say. 

The May corn futures closed limit down (30 cents) at $6.36. The July corn futures contract settled 'limit' down at $6.42 1/2. The May soybean contract closed 'limit' down (70 cents) at $12.70.  The May wheat futures closed 53 cents lower at $6.67 3/4. The May soymeal futures settled $14.70 lower per short ton at $340.80. The May soyoil futures closed down its daily $2.50 limit at $52.88.

In the outside markets, the NYMEX crude oil is $2.68 per barrel lower, the dollar is higher, and the Dow Jones Industrials are down 206 points.

The Japan nuclear crisis is causing traders to overdo a move lower, short-term, one CME Group floor trader says. "Funds are exiting, extracting money from these grain and soy markets. Keep in mind, the lower we go, the bigger the March 31 Planting Intentions Report becomes."

Jack Scoville, PRICE Futures Group vice-president reminds traders to keep in mind the fundamentals have not changed, during this Japan crisis. "Overall, there is just a lot of fear out there. I think the lower we go the better chance end users have to get some cheaper pricing done." 

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03/15/2011 @ 7:08pm Happy ag day limit down

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03/15/2011 @ 9:56am Prices keep dropping like this we will have our own crisis

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