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Russia's news hammers grain market

Updated: 05/31/2011 @ 3:03pm

CHICAGO, Illinois (Agriculture.com)--The CME Group wheat market plunged Tuesday, after Russia announced it will lift its grain export ban on July 1. Not only did that news hit the wheat prices, but corn and soybeans were pulled down too.

The July corn futures settled 11 cents lower at $7.47 /2. The July soybean contract closed 3 3/4 cents lower at $13.76. The July wheat futures finished 37 1/2 cents lower at $7.82 1/4. The July soybean meal futures settle $0.30 per short ton lower at $355.30. July soyoil ended $0.12 lower at $58.49.

In the outside markets, the NYMEX crude oil is $1.99 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 106 points.

Jack Scoville, PRICE Futures Group vice-president, says Russia's news really hit hard. 

"The Russian news certainly had its affect. There is also some chart-based selling there, as a top seems to be forming or a new leg down seems to be forming, depending on the market, with the top in Minneapolis," he says.  

I saw some Brazil-farmer selling on the early rally in soybeans today, not big but it sure was not positive," Scoville says.  

Corn is down with wheat, but better weather forecasts for the next week or two is not helping either, he says.  

"Ideas are that corn could have about a 60% good to excellent reading today, if I heard correctly.  I think a lot of work got done last week and many producers will be finishing corn and some soybeans, in the western Corn Belt, on the reports this week.  

Scoville adds, "So, I expect to show very good progress this week, but maybe not such good condition.  But, the warmer and drier week, this week, could improve the condition for corn and soybeans a lot for the reports next week."

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