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Profit-taking sinks corn, soybeans

Updated: 04/13/2012 @ 2:50pm

DES MOINES, Iowa (Agriculture.com)--Outside markets and profit-taking forced a lower close for the CME Group corn, soybean and wheat markets Friday.

The July corn futures settled 8 1/4 cents lower at $6.20 3/4. The July soybean contract closed 3 3/4 cents lower at $14.40 3/4. The July wheat futures ended 14 1/4 cents lower at $6.30 1/4. The July soymeal futures finished $1.20 per short ton higher at $397.80. The July soyoil futures finished $0.73 lower at $56.87. 
In the outside markets, the NYMEX crude oil is $0.72 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 99 points.

USDA announced Friday that China purchased 165,000 mt of U.S. soybeans for 2012-13 delivery. This follows two large sales Thursday to China and an 'unknown' buyer.

Tim Hannagan, PFGBest.com senior grain analyst, says the market is trading lack of a foreseen bullish report and favorable planting weather.

"With not having another perceived bullish USDA crop report for a month and the last half of April bringing a bearish planting mindset, funds continue to bank previous crop report profits," Hannagan says. This all happens before they begin to build a weather premium in the months of May and June. 

Meanwhile, the Friday soybean market is seeing buying off the breaks, limiting losses, as new export business to China surfaces every other day, Hannagan says. 

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