Grain markets end lower
DES MOINES, Iowa (Agriculture.com)--The CME Group corn, soybeans and wheat markets all finished lower Tuesday.
The July futures corn contract closed 9 cents lower at $6.14. The July soybean futures contract finished 5 cents lower at $13.58. July wheat futures ended 7 cents lower at $6.95 per bushel. The July soymeal futures closed $0.20 per short ton lower at $397.90. The July soyoil futures finished $0.18 lower at $48.41.
In the outside markets, the NYMEX crude oil is $0.13 per barrel lower, the dollar is higher and the Dow Jones Industrials are 118 points higher.
Jack Scoville, PRICE Futures vice-president, says the markets traded lower on improving planting weather for next week, instead of the current slow planting pace.
"The weather is supposed to get better next week and this is hitting the new crop corn contracts hard. Wheat is looking at better U.S. weather, although there are already losses. But, the chances for more damage will drop.
Nearby beans finished higher, because there are no beans moving, he says.
"The rest of today's lower trade seems to be spec-selling and nothing more, and based mostly on the improving weather. Overall, it's been kind of a disappointing day, I would say," Scoville says.
He adds, "I think many were expecting some stronger price action based on the crop progress, like a record low pace for corn, and the weaker wheat condition. But, it has not really developed that way and I think the forecasts are about the only reason I can think of for that."