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Grain prices close lower

Updated: 06/06/2011 @ 2:14pm

CHICAGO, Illinois (Agriculture.com)--Favorable crop-weather, except for land along the Missouri River, and unfavorable outside markets kept the CME Group grain and soybean markets lower Monday.

The July corn futures settled 22 cents lower at $7.32. The July soybean contract closed 31 1/4 cents lower at $13.83 1/4. The July wheat futures ended 29 3/4 cents lower at $7.44. The July soybean meal futures settled $7.60 per short ton lower at $360.80. July soyoil closed $0.66 lower at $58.07.

In the outside markets, the NYMEX crude oil is $1.46 per barrel lower, below $99.00. The dollar is higher and the Dow Jones Industrials are down 45 points.

With Thursday's USDA Supply/Demand Report expected to show weaker grain demand and higher ending stocks, profit-taking is considered to take place early this week, traders say.

In addition, USDA Monday estimated that Russia may have more wheat for the export market, when it lifts its grain export ban July 1. 

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