Soybeans close 29¢ lower
DES MOINES, Iowa (Agriculture.com)--A hangover from China canceling U.S. soybean sales this week, weak demand, and favorable South America crop-weather are all kept the CME Group corn, soybean and wheat markets lower Wednesday.
The March futures corn contract closed 17 cents lower at $7.03. The Jan. soybean futures contract finished 29 cents lower at $14.37. March wheat futures settled 5 cents lower at $8.05 per bushel. The Jan. soyoil futures contract finished $0.76 lower at $48.41. The Jan. soymeal futures contract settled $8.40 per short ton lower at $436.50.
In the outside markets, the NYMEX crude oil is $1.52 per barrel higher, the dollar is lower and the Dow Jones Industrials are 55 points lower.
Tim Hannagan, Alpari (U.S. ) LLC, grain specialist, says the soybean and corn markets are lower due to follow-through from Tuesday's bearish bean news.
"China canceling orders of previous US purchases is bearish. Also, good weather in early emerging crops in south America has importers looking to re-book shipments at better value out of Brazil and Argentina.
Corn demand has been weak through U.S. harvest and the market expects a bearish number on Thursday's USDA Weekly Export Sales Report," Hannagan says.
Wheat prices are lower but only marginally, compared to the other grains, he says. "Traders await word on Egypt's big wheat tender and how much will be purchased on US ports."