Soybean prices fall out of bed
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.