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Grain markets finish weak

Updated: 01/10/2012 @ 2:59pm

The March corn futures closed unchanged at $6.52. The March soybean contract settled 1 cent lower at $12.32. The March wheat futures settled 2 cents lower at $6.39 3/4. The March soymeal futures finished $1.00 per short ton lower at $322.50. The March soyoil futures settled $0.17 higher at $52.50. 

In the outside markets, the NYMEX crude oil is $0.95 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 76 points.Jack Scoville, PRICE Futures Group vice president, says the markets traded back and forth today.  

"Damage in South America and stronger outside markets are helping the bulls, while forecasts for rains are helping the bears. I think that we will be choppy until the reports on Thursday," he says.  

Overall, the trade is quiet, but the funds are expected to be active this week, he says.

"My farm-selling remains quiet, although I have been telling people to sell a bit here.  We will see on that. Funds on both sides, the index roll should take place near the close each day this week," Scoville says.

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