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Soybeans close lower

Updated: 08/29/2013 @ 2:04pm

DES MOINES, Iowa (Agriculture.com)--Short-covering helped curb further losses in the CME Group soybean market, while corn closed mixed Thursday.

The Sep. corn futures closed 7 cents lower at $4.97 per bushel. The Dec. corn futures contract finished 1 cent higher at $4.81. The Sep. soybean futures contract closed 3 cents lower at $14.30, new-crop Nov. soybeans ended 4 cents lower at $13.68. Dec. wheat futures finished 5 cents lower at $6.54 per bushel. The Dec. soymeal futures settled $0.80 per short ton higher at $430.10. The Dec. soyoil futures settled $0.58 lower at $44.20. 

In the outside markets, the NYMEX crude oil is $0.44 per barrel lower, the dollar is higher and the Dow Jones Industrials are 47 points higher.

The soybeans traded a little higher due to short covering, says one CME Group floor trader, requesting anonymity. 

"Traders fear the condition ratings, next Tuesday afternoon, will drop further, and view a general write down of bean yields. Right now, the trade estimates range from 40.8-42.1 bushels per acre. That puts stocks-to-use ratio at 8%. If realized, the market is too high. But, take 2 bushels of off beans and you approach implied stocks to use close to last year," the floor trader says.

The comparison with last year's prices, however, begins to fail when we see better stocks in China, larger carry-in stocks in Argentina, and the option to switch more acres from corn to bean this winter and next spring, the floor trader says.

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