Grain markets close lower
CHICAGO, Illinois (Agriculture.com)--Profit-taking sinks the CME Group grain prices Wednesday, leaving the floor traders wondering if the market will be slowed until 2011.
The Dec corn futures settled 9 1/2 cents lower at $5.66 3/4. The Jan. soybean contract closed 9 1/2 cents lower at $13.19 1/2. The Dec. wheat futures finished 11 3/4 cents lower at $7.10. The Dec. soymeal futures contract settled $6.40 lower at $360.10 per short ton. The Dec. soyoil futures contract closed $0.55 higher at $53.95.
In the outside markets, the NYMEX crude oil is $1.01 per barrel higher, the dollar is higher, and the Dow Jones Industrials are up 1 point.
One CME Group floor trader says that outside of the 'roll', when funds shift trading positions from one contract month to the next, this market will be choppy until the first of the year. He admits that you should watch out for the 'roll'. But, he's pondering whether to even be active until next year.
"The market is setting back because it was looking for a more bullish corn report Tuesday and didn't get it," one CME Group floor trader says, choosing to remain anonymous. "Plus, with so much length in the market (lots of folks 'long'), you are seeing some profit-taking."