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Soybeans close down 44¢

Updated: 11/09/2012 @ 2:59pm

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.

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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.

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