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Soybeans Close 21¢ lower

Updated: 05/12/2014 @ 1:46pm

DES MOINES, Iowa (Agriculture.com)--As the CME Group farm markets closed lower, the Midwest rainfall is being viewed as positive for grain production and negative to the corn, soybean and wheat markets Monday.

The July corn futures contract settled 8 cents lower at $4.99. The Dec. corn futures finished 6 cents lower at $4.92. The July soybean futures contract ended 21 cents lower at $14.65. The Nov. soybean futures finished 14 cents lower at $12.12. July wheat futures ended 7 cents lower at $7.15 per bushel. The July soymeal futures contract settled $9.10 per short ton lower at $478.20. The July soyoil futures closed $0.20 lower at $40.98. 
In the outside markets, the Brent crude oil is $0.61 per barrel higher, the dollar is higher and the Dow Jones Industrials are 111 points higher.

Dustin Johnson, EHedger LLC, grain analyst, says weather and technicals are combining for market pressure, today. "Markets are lower from slightly warmer and drier conditions over the weekend.  Everyone is expecting a favorable planting progress report this afternoon, I am hearing at least 60% planted for corn. Combine that with the fact that we had a bearish report on Friday and we have a good reason to sell off from these lofty levels.

He adds, "December corn technicals don't look very good either.  We gapped lower over the weekend and are below a major techincal trendline. Our next downside objective is $4.80."

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05/12/2014 @ 5:36pm Mike,I hope you know that farmers don't believe half of the BS that you and the USDA come with to justify knocking our prices down,hard to have any faith or respect for people that sit behind a desk and write reports when they are not out in the fields and walking in our shoes,your people have no regard for the farmers so don't act like you are our friend you represent your self and only look out for yourself.

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05/12/2014 @ 8:50am Rain is bearish? Are you kidding me,midwest has inches and inches of rain and can' t get in the fields and its bearish,you people are such idiots its painful

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Mike McGinnis Re: Re: 05/12/2014 @ 2:16pm Chad, Thanks for your response. We are always looking to serve our customers to the fullest extent. I wanted to offer some further thoughts on this bearish trade. We had some back-to-back sunny and warmer days that allowed for speedy planting. The rain started Saturday, but that doesn't mean everyone in the Midwest got it. This afternoon's Crop Progress Report will prove out this thought that rapid planting occurred. Now, the rain that you are talking about may be bullish if it keeps raining this week. But, that's not what the outlook calls for Monday. Anyway, thanks again for your interest in Agriculture.com markets coverage. Mike

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