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 +

Soybeans To Extend Gains Thursday By: 07/24/2014 @ 7:10am On Thursday, the CME Group's corn, soybean and wheat markets are expected to start…

Soybeans Close 18¢ Higher By: 07/23/2014 @ 8:38am DES MOINES, Iowa (Agriculture.com)--The CME Group soybean market finished stronger, leading the way…

Soybean Prices to Tick Higher Wednesday By: 07/23/2014 @ 7:41am On Wednesday, the CME Group's corn, soybean, and wheat markets are expected to start mostly…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Soybeans Rally on Demand, Weather