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Grain prices end lower

Updated: 11/02/2010 @ 2:04pm

CHICAGO, Illinois (Agriculture.com)--The CME Group grain markets turn lower Tuesday. Sell-offs trump buying trends. 

The Dec corn futures settled 1 1/2 cents lower at $5.75 3/4. The Jan. soybean contract ended 1 cent lower at $12.34. The Dec. wheat futures closed 8 1/4 cents lower at $6.94 1/4.  The Dec. soymeal futures contract settled $0.01 lower at $337.70 per short ton. The Dec. soyoil futures contract closed $0.12 lower at $49.63.

In the outside markets, the NYMEX crude oil is $0.96 per barrel higher, the dollar is lower, and the Dow Jones Industrials are up 73 points.

Tim Hannagan, PFGBest.com senior grain analyst, says the markets can't get over a selling hump Tuesday. 

"Monday and Tuesday started off higher each day with the opening tick being the high, as traders priced in the overnight action with the crude oil higher and dollar index lower. But, selling entered as it's too early to buy rallies ahead of the USDA Crop Report on Nov. 9. This leavs speculators to buying only breaks, especially before the industry pre-report trade estimates come out Thursday," Hannagan says.

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