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Soybean prices fall out of bed

05/11/2012 @ 9:36am

DES MOINES, Iowa (Agriculture.com)--The weekend couldn't come fast enough for the farm markets. The CME Group corn, soybean and wheat markets settled lower, after failing to weather the macroeconmic storm Friday.

The July corn futures settled 6 1/2 cents lower at $5.81. The July soybean contract finished 49 1/2 cents lower $14.06. The July wheat futures settled 4 1/4 cents lower at $5.97.
In the outside markets, the NYMEX crude oil is $0.86 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 38 points.

Tim Hannagan, PFGBest.com senior ran analyst, says the weather and weaker economic news from around the world are creating a risk-off mentality, pushing ag commodities lower.

"The market sees dry weather in the Midwest up to the end of next week. That should complete corn seeding and put beans at 75% done. Question is will outside markets continue to pressure grains and other markets as funds cut portfolio risk or will funds begin to re-enter the grains with  the beginning of a weather premium," Hannagan says.

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05/13/2012 @ 2:36pm Yep just another dumb farmer we are all mostly high school drop outs with multiple kids from many different women so glad we have people like you behind the desk running the world what's 2+2 again?

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Thanks 05/11/2012 @ 2:26pm Big thank you to the CBOT for once again knocking down our prices,as you all tak another weekend off you can rest easy the farmers who's lividly hood you mess with everyday will make sure to keep working and get the crop in so you can come to work Monday and do it again without a care in the world.

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Re: Re: Thanks 05/11/2012 @ 7:16pm AHHHHH! The rantings of another paranoid farmer. It's been at least 1 day since one of you posted something so ignorant! Sleep with one eye open tonight, THEY are coming to get you!!!!!!!

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