Home / Markets / Markets Analysis / Corn market / Markets close lower Monday

Markets close lower Monday

05/02/2011 @ 9:50am

CHICAGO, Illinois (Agriculture.com)--Index funds used Monday's trade to rebalance some positions. Thus, the profit-taking pressured the CME Group grain and soybean markets.

The July corn futures settled 22 cents lower at $7.34 1/2. The July soybean contract closed 1 cent lower at $13.93. The July wheat futures settled 9 1/2 cents lower at $7.91 3/4. The July soybean meal futures closed $1.30 per short ton lower at $362.30. The July soyoil futures ended $0.02 higher at $58.60.

In the outside markets, the NYMEX crude oil is $0.49 per barrel lower, the dollar is lower and the Dow Jones Industrials are down 8 points.

Rich Feltes, RJ O'Brien market research specialist, says to not read too much into Monday's trade action. "It's a risk-off day for the funds, Asia/EU investors are on holiday. So, I caution against reading too much into today's action," Feltes says. "The market has not addressed cool weather in May, which will further delay development."

 


CancelPost Comment
MORE FROM MIKE MCGINNIS more +

Corn, Soybeans, Wheat End Lower By: 01/30/2015 @ 8:46am DES MOINES, Iowa (Agriculture.com)—Fund-selling, end of month profit-taking are being blamed for…

Soybean, Corn Markets Close Lower By: 01/29/2015 @ 8:40am DES MOINES, Iowa (Agriculture.com)--The CME Group's soybean and corn markets closed lower…

Grain Markets Seen Extending Losses Thursday By: 01/29/2015 @ 7:27am On Thursday, the CME Group's corn, soybean, and wheat markets are expected to start…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Senator Grassley and his Mower
Agriculture.com

FREE MEMBERSHIP!

CLOSE [X]