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Soybeans Close 13¢ Lower

07/22/2014 @ 9:17am

DES MOINES, Iowa (Agriculture.com)--After starting higher, the CME Group corn, soybean and wheat markets closed lower Tuesday.

The Dec. corn futures settled 3 3/4 cents lower at $3.68.

Nov. soybean futures settled 13 3/4 cents lower at $10.57.

Sep. wheat futures closed 5 1/2 cents lower at $5.24.

The Dec. soymeal futures contract finished $5.10 per short ton lower at $341.70. The Dec. soyoil futures closed $0.23 lower at $36.03.

In the outside markets, the NYMEX Brent crude oil is $0.39 per barrel lower, the dollar is higher and the Dow Jones Industrials are 66 points higher.

Jack Scoville, PRICE Futures Group senior grain analyst, says the trade is quiet.

"Hardly even a turnaround Tuesday going on.  We got a lot of people on the sidelines, but at least we are seeing some consumptive buying here.  I know we have seen it in the soy complex the last couple of days, but we are seeing it in corn too," Scoville says. 

Even the farmers are bearish, he says.

"They have a lot to sell though, both corn and beans.  So, it's understandable why they are bearish."

It has been a fairly low volume day and people are seemingly waiting for either lower prices to buy or maybe a quick rally to sell, he says.

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