Soybean rally falls out of bed
DES MOINES, Iowa (Agriculture.com)--After trading sharply higher, the CME Group's soybean market ended the day lower and a 57-cent trading range Thursday.
The May corn futures contract closed 6 1/2 cents lower at $4.54. The May soybean futures contract finished 7 cents lower at $13.90. May wheat futures finished 16 1/4 cents lower at $5.89 per bushel. The May soymeal futures contract closed $2.10 per short ton lower at $451.60. The May soyoil futures finished $0.31 lower at $41.15.
In the outside markets, the ICE Brent crude oil is $0.23 per barrel lower, the dollar is lower, and the Dow Jones Industrials are 63 points higher.
Tim Hannagan, Walsh Trading Inc. grain analyst, says demand-side fundamentals ruled trading today. "The weekly export sales came in weak for corn and wheat, but beans saw China in for 387,000 metric tons for old-crop year delivery. Note, ending stocks are the second lowest on record and fear is the March 10 USDA Crop Report may show it the lowest. Demand has exceeded the forecast by 2.4 million metric tons. Last March, China backed off with sharply lower shipments and new sales."