Grains remain pressured
DES MOINES, Iowa (Agriculture.com)--Improved moisture in parts of the Corn Belt has sparked some profit-taking, pressuring the CME Group corn, soybean and wheat markets Thursday.
At mid-session, the Sep. corn futures are 5 cents lower at $4.93 per bushel. The Dec. corn futures contract is trading 12 cents lower at $4.71. The Sep. soybean futures contract is trading 3 cents higher at $13.36, new-crop Nov. soybeans are trading 3 cents lower at $13.01. Dec. wheat futures are trading 5 cents lower at $6.43 per bushel.
In the outside markets, the NYMEX crude oil is $0.04 per barrel higher, the dollar is lower and the Dow Jones Industrials are 66 points higher.
Ken Smithmier, The Hightower Report ablest, says that better-than-expected rainfall in the northern tier of the Corn Belt triggered some profit taking and lower trade in corn today.
"The forecast into next week remains warm and dry which will keep the downside limited. December corn futures are likely to trade in a wide range until the market has a better handle on the broader production outlook although market fundamentals and sentiment lean bearish," he says.