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Soybeans Close 19¢ Lower

Updated: 06/03/2014 @ 3:01pm

DES MOINES, Iowa (Agriculture.com)--The favorable planting and growing weather, combined with funds liquidating helped push the CME Group's corn, soybean and wheat markets to lower closes Tuesday.

The July corn futures contract settled 7 1/4 cents lower at $4.58. The Dec. corn futures finished 4 1/4 cents lower at $4.54. The July soybean futures contract closed 19 cents lower at $14.81. The Nov. soybean futures finished 8 cents lower at $12.21. July wheat futures closed 8 cents lower at $6.12. The July soymeal futures contract finished $6.40 per short ton lower at $499.60. The July soyoil futures ended $0.04 higher at $38.35. 
In the outside markets, the NYMEX Brent crude oil is $0.02 per barrel lower, the dollar is lower and the Dow Jones Industrials are 11 points lower.

It was a liquidation day for the bulls and maybe some new spec selling as well, according to Jack Scoville, PRICE Futures Group senior market analyst.  

"I saw little interest from farmers to sell today, but specs were in there.  The fundamental catalyst for corn and beans remains the great Midwest weather, although maybe not so much in Des Moines today with the tornado watch out there."  

But the crop progress for beans and corn and the conditions for corn were negative for prices, he says.  

"No real demand news out there, there have been lots of rumors that the Chinese need to buy futures to price purchases, and that was part of the price action maybe yesterday but was not seen at all today."  Sooner or later the old crop gets priced out and it kind of acted that maybe a lot of the old crop needs are now covered, here in the domestic market and in the export market, Scoville says.  

"If so, the July and the bull spread could be in serious trouble in beans.  Corn finding some spec buying interest in the Dec near 450 as that is getting into producer pockets now.  Wheat with some buying interest due to the lack of improvement in the ratings and on ideas that maybe US prices are close enough to world values for now.  But it was selling and weather that ruled the floor today." 

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06/03/2014 @ 2:10pm How much more damage do you idiots gotta to until your happy?

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