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Grain, soy prices close lower

Updated: 03/08/2011 @ 2:13pm

CHICAGO, Illinois (Agriculture.com)--The CME Group grain and soybean markets close sharply lower Tuesday.

The May corn futures settled 12 cents lower at $7.05 1/2. The May soybean contract ended 13 cents lower at $13.82.  The May wheat futures closed 21 cents lower at $7.79 3/4. The May soymeal futures settled $3.00 lower per short ton at $360.40. The May soyoil futures settled $0.62 lower at $58.48.
In the outside markets, the NYMEX crude oil is $0.54 per barrel lower, the dollar is higher, and the Dow Jones Industrials are up 139 points.

Tim Hannagan, PFGBest.com senior grain analyst, says that fundamentally, wheat is lower due to moisture in the soft red winter wheat states, in the Midwest and Delta. 

"Plus, snow moisture is showing up in the hard red winter Southwest regions, aiding badly needed moisture levels," Hannagan says.

He adds, "Funds took profits on long grains, for the second consecutive day. Funds usually take profits for two days before re-entering long again. Outside markets offer little support, as crude oil is lower, putting pressure on ethanol and corn with a higher dollar index. Today's low should hold as the low prior to the Thursday USDA Crop Report. You can expect short-covering and speculative-buying Wednesday."


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