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Grains close lower

Updated: 10/04/2011 @ 2:19pm

DES MOINES, Iowa (Agriculture.com)--Harvest pressure and world economic concerns continuer to weigh on the CME Group farm futures Tuesday.

The Dec. corn futures settled 4 3/4 cents lower at $5.87 3/4. The Nov. soybean contract ended 17 1/2 cents lower at $11.71 3/4. The Dec. wheat futures settled 15 1/2 cents lower at $6.04. The Dec. soymeal futures closed $4.90 per short ton lower at $302.10. The Dec. soyoil futures closed $1.00 lower at $49.00.

In the outside markets, the NYMEX crude oil is $1.95 per barrel lower, the dollar is lower and the Dow Jones Industrials are down 200 points.

Jack Scoville, PRICE Futures Group vice-president, says the yield reports continue to come in high. "This is putting pressure on the cash soybean basis market, although stable I guess in the corn. The market is looking for buyers," Scoville says.  

Fed Chairman Ben Bernanke says the central bank is prepared to do more for the economy. He is making a speech today on the economy's outlook.

"The Bernanke talk seems to have been somewhat supportive, but no one wants to do much so far today.  Kind of a hard day to get the commissions snd trades flowing," Scoville says.

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