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Russian rain drops grain prices

Updated: 08/16/2010 @ 2:00pm

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.

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