Home / Markets / Markets Analysis / Corn market / Soybeans close down 44¢

Soybeans close down 44¢

11/09/2012 @ 9:36am

DES MOINES, iowa (Agriculture.com)--As the market digested the USDA Crop Production and WASDE Supply/Demand Reports higher soybean production estimates, the CME Group soybean market fell by 3% Friday. 

The Dec. futures corn contract finished 2 1/2 cents lower at $7.38. Jan. soybean futures contract settled 44 cents lower at $14.51. Dec. wheat futures ended 16 cents lower at $8.86 per bushel. The Dec. soyoil futures contract closed $1.00 lower at $47.77. The Dec. soymeal futures contract finished $13.20 per short ton lower at $449.70.

In the outside markets, the NYMEX crude oil is $1.19 per barrel higher, the dollar is higher and the Dow Jones Industrials are 9 points higher.

Jack Scoville, PRICE Futures Group vice-president, says the reaction to Friday's report was overwhelmingly bearish for soybeans that pulled everything else down.

"The reports were bearish against expectations, but were not all that bearish against the real world. After all 140 million bushel bean ending stock estimate and 642 million bushel corn ending stocks estimate is still pretty tight.  

Scoville adds, "At the end of the day, the beans and corn harvests are pretty much over, the grain is locked away, and we will have to bid up to go get it.  There is nothing in these reports to cause a real change in the overall tight situation. So, I doubt we work much lower now maybe even through the end of the year," he says.


CancelPost Comment

Thanks 11/09/2012 @ 2:49pm Huge thanks to you all just remember you all have a job because of farmers and it our lively hood that you continue to mess with every day enjoy your weekend off and come back Monday and trade our crops.

Report Abuse Reply
MORE FROM MIKE MCGINNIS more +

All Farm Markets Close Lower By: 08/29/2014 @ 8:44am DES MOINES, Iowa (Agriculture.com)--Despite the concern over crop diseases, the pressure got to the…

Farm Markets Rally Thursday By: 08/28/2014 @ 8:48am DES MOINES, Iowa (Agriculture.com)--The CME Group corn, soybean, and wheat markets closed higher…

Farm Markets Seen Higher Thursday By: 08/28/2014 @ 6:41am On Thursday, the CME Group's corn, soybean, and wheat markets are expected to start…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Holiday Profit Taking Pressures Markets