Home / Markets / Markets Analysis / Corn market / Soybeans close sharply lower

Soybeans close sharply lower

06/13/2012 @ 9:37am

DES MOINES, Iowa (Agriculture.com)--Profit-taking and improved rain chances settled the CME Group soybean market sharply lower Wednesday. Meanwhile, the corn and wheat contracts ended mixed.

The July corn futures settled 7 3/4 cents higher at $5.91 3/4, while the Dec. contract closed 12 cents lower at $5.10 3/4. The July soybean contract finished 27 1/2 cents lower $14.07 1/2, while the Nov. 2012 contract settled 16 cents lower at $13.21. The July wheat futures ended unchanged at $6.16. July soyoil futures settled $0.62 lower at $49.10. The July soymeal futures finished $11.00 lower at $422.00. 
In the outside markets, the NYMEX crude oil is $0.41 per barrel lower, the dollar is lower and the Dow Jones Industrials are 49 points lower.

Bryan Doherty, Stewart-Peterson Inc. grain analyst, says spec-selling and rain talk seem to be ruling the grain markets today. "I'm stumped why the soybeans are taking it on the chin so much today. The rain talk is out there. But, a lot of these rain events haven't materialized in the Midwest," Doherty says. 

There is talk that speculators are heading to the sidelines ahead of this weekend's vote in Greece, he says. "Also, we are seeing a reversal in the wheat/corn spreads, with people buying wheat, selling corn. Old-crop corn is supported by a lack of farmer-selling."


CancelPost Comment
MORE FROM MIKE MCGINNIS more +

End of an Era for Corn, Soybean Futures:… By: 07/02/2015 @ 9:41am This Monday, the history of corn and soybean markets will change. After being traded on the floor…

Grains, Soybeans Mixed to Close Thursday By: 07/02/2015 @ 8:56am Grains and soybeans were mixed to close the day Thursday. At the open, the September corn…

Corn, Soybean Markets to Edge Higher By: 07/02/2015 @ 6:54am On Thursday, the CME Group's corn, soybean, and wheat markets are expected to start mostly…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Cover Crops-Happy Landlords
Agriculture.com

FREE MEMBERSHIP!

CLOSE [X]