SA weather drops grains
DES MOINES, Iowa (Agriculture.com)--Profit-taking and favorable South American crop-weather kept the CME Group corn, soybean and wheat markets in negative territory Wednesday.
The March corn futures closed 10 1/2 cents lower at $5.93 1/2. The March soybean contract closed unchanged at $11.83 1/2. The March wheat futures settled 12 1/2 cents lower at $5.92 1/2. The March soymeal futures closed $1.50 per short ton higher at $312.00.
In the outside markets, the NYMEX crude oil is $0.14 per barrel lower, the dollar is lower and the Dow Jones Industrials are up 72 points.
Jack Scoville, PRICE Futures Group vice president, says speculative selling is sinking the markets. "The market is dropping on some reports of increased rains for Argentina and Brazil. Best showers to come this weekend, but the situation in Brazil seems to be a bit more stable and might get there in Argentina," he says.
Meanwhile, spec-selling, in light volumes, with commercial types the best buyers, put pressure on today's grain trade, he says. "Although my specs are covering as well. Not an exciting day, but we are at areas where demand is starting to show. So, the downside might be limited from here," he says.