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Farm prices close lower

Updated: 08/18/2011 @ 3:35pm

CHICAGO, Illinois (Agriculture.com)--Just as they started, the CME Group farm prices settled sharply lower Thursday. 

The Dec. corn futures closed 12 1/2 cents lower at $7.13. The Nov. soybean contract settled 5 3/4 cents lower at  $13.61. The Sep. wheat futures ended 19 3/4 cents lower at $7.07 3/4. The Dec. soyoil futures ended $0.41 lower at $55.83. The Dec. soymeal futures settled $1.70 per short ton lower at $359.40.

In the outside markets, the NYMEX crude oil is $5.91 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 419 points.

Jack Scoville, PRICE Futures Group vice-president says the farm markets pressure is coming from selling in response to Europe's debt problems more than anything.  

"The selling started in the early morning hours of the overnight trade and basically continued for the first half hour. Now, things seem to have entered a holding pattern. But, I think mostly because the panic-selling is gone and not because any new buying is coming in," Scoville says.  

Scoville adds, "I am trying to get people to buy and the interest is not there yet. They are waiting for another shoe to drop. But, if grains just trade on their own, it is hard not to want to buy given the short crops and talk that crops are getting smaller and not larger. 

More selling could occur tomorrow, he says. "I would be a buyer as I think this Europe stuff is kind of window-dressing," Scoville says.

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