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Soybeans close down double-digits

05/07/2012 @ 9:34am

DES MOINES, Iowa (Agriculture.com)--A risk-off mentality sparked a broad-based sell-off, driven by world economic concerns, combined with favorable crop weather, closed the CME Group corn, soybean and wheat markets mostly lower Monday.

The July corn futures settled 1/4 of a cent lower at $6.20. The July soybean contract ended 12 1/2 cents lower $14.65 3/4. The July wheat futures settled 2 1/2 cents higher at $6.12. The July soymeal futures finished $6.10 per short ton lower at $426.50 and July soyoil futures finished $0.07 lower at $53.58. 
In the outside markets, the NYMEX crude oil is $0.73 per barrel lower, the dollar is higher and the Dow Jones Industrials are up 4 points.

Tim Hannagan, PFGBest.com senior grain analyst, says favorable rainfall is hurting the prices.

"Good Midwest rains over the weekend assisted early planted grains, as well as outside markets being lower, have helped a bearish mood for the day," Hannagan says. Additionally, a drier long term forecast looks to assist planting in a wetter top soil. A of this leads to a further bearish tone. But, today's low may hold now through to what's expected to be a bullish crop report Thursday."

Jack Scoville, PRICE Futures Group vice president, says the US Dollar strength, due to the French and Greek elections is part of the selling. "Plus, the good growing conditions here in the US is part of it.  My spec side customers want to sell and I am sure I am not alone in that.  Not seeing much buying interest from anyone so far today," Scoville says.


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