Home / Markets / Markets Analysis / Corn market / Russian rain drops grain prices

Russian rain drops grain prices

08/16/2010 @ 9:41am

CHICAGO, Illinois (Agriculture.com)--Rain expected to fall in drought-stricken Russia, pulled the CME Group grain markets lower Monday.

The Dec corn futures settled 4 1/2 cents lower at $4.22 3/4. The Nov. soybean contract settled 12 1/2 cents lower at $10.31 1/2. The Dec. wheat futures finished 38 cents lower at $6.96 1/4. The Dec. soymeal futures contract closed $1.30 per short ton lower at $295.40. The Dec. soyoil contract closed 1.07 points higher at $42.07.

In the outside markets, the NYMEX crude oil is $0.21 per barrel lower, the dollar is lower, and the Dow Jones Industrials are up 6 points.

Rain, forecasted to fall in Russia, tumbled the wheat market and ultimately the corn and soybean prices.

"Hard to imagine that this is it.  Consolidation is more likely the current theme, and closing prices on Monday represent new opportunities for those who still don't see much resolved, especially for Dec. options," one CME Group wheat options floor trader says. It certainly appeared as if people were politely stepping to the side as the underlying wheat tripped and fell."

Meanwhile, the traders are eyeing this afternoon's Crop Progress report for any downgrade of the U.S. crop ratings. The USDA report will be released at 3pm CST.

CancelPost Comment
MORE FROM MIKE MCGINNIS more +

Harvest Pressure Sinks Soybeans By: 10/20/2014 @ 8:50am DES MOINES, Iowa (Agriculture.com)— The CME Group’s corn, soybean, and wheat markets finished…

Corn, Soybeans Seen Falling Monday By: 10/20/2014 @ 6:49am On Monday, the CME Group's corn, soybean, and wheat markets are expected to start…

Corn, Soybeans Close Lower Friday By: 10/17/2014 @ 8:46am DES MOINES, Iowa (Agriculture.com)—The CME Group farm markets closed weaker on improved harvest…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Questions Surrounding Data Concern Are Answered