Farm markets turn lower
DES MOINES, Iowa (Agriculture.com)--Soybeans have turned lower, corn and wheat remain negative Monday.
At mid-session, the Dec. corn futures contract is trading 5 cents lower at $4.63. The Nov. soybean futures contract is trading 5 cents lower at $13.62. Dec. wheat futures are trading 6 cents lower at $6.41 per bushel. The Dec. soymeal futures are trading $0.70 per short ton lower at $428.20. The Dec. soyoil futures are trading $0.37 lower at $43.35.
In the outside markets, the NYMEX crude oil is $0.98 per barrel lower, the dollar is lower and the Dow Jones Industrials are 120 points higher.
Jack Scoville, PRICE Futures vice-president, says the markets are weaker due to people worried about what USDA can say this week.
"Plus, there are some forecasts for some showers this week although it doesn't look like much. I think we put in a lot of price into the beans and now people are wondering what is out there. They have questions like have we gone too high, high enough, or not enough?"
Corn seems to be in better condition and people less worried about production, Scoville says.
"Now more worried about price and US corn is high priced in the world. US Wheat, too. So those prices are soft. Southern and Delta yields for corn still pretty high, so it looks like nearby needs are getting filled now."