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Grains end Monday lower

Updated: 12/05/2011 @ 1:40pm

After trading higher for most of the session, the CME Group corn, soybean and wheat markets sold off at the end of Monday.

The March corn futures settled 4 1/4 cents lower at $5.91. The Jan. soybean contract ended 9 1/2 cents lower at $11.26 1/4. The March wheat futures settled 14 cents lower at $6.11 1/2. The Jan. soyoil futures closed $0.04 higher at $50.29.

In the outside markets, the NYMEX crude oil is $0.36 per barrel lower, the dollar is lower and the Dow Jones Industrials are up 77 points.

Jack Scoville, PRICE Futures Group vice president, says it's another quiet trading session, and mostly influenced by the outside markets. "There is some talk of drier weather in South America this week, that supported beans and corn early. The U.S. Dollar was lower early and that is when these markets made highs."

The trade is experiencing light volume from speculators, he says.

"I have seen little commercial or farm interest for me. Don’t hear much happening in the office today either. So, I think it's quiet in a lot of places."

Tim Hannagan, PFGBest.com senior grain analyst, agrees that the outside markets provided support Monday.  "But, selling entered quickly as traders know Friday's USDA Crop Report could come in bearish, with higher ending stocks. This report will not have a crop production update to offset lower usage numbers."

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USDA report 12/05/2011 @ 8:49pm Of course the report is gonna come in bearish why would it not the cbot needs another reason too knock down the prices like I have said the farmer is helpless as long as everyone around makes money we will sit and watch.

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