DES MOINES, Iowa (Agriculture.com)--After starting sharply lower, the CME Group soybean market closed the same way, while corn and wheat prices settled just slightly lower Thursday.

The Sep. corn contract closed 6 1/2 cents lower at $7.94, while the Dec. futures corn contract finished 4 3/4 cents lower at $7.95 3/4. The August soybean contract closed 29 1/4 cents lower $16.53, Nov. soybean futures settled 12 1/2 cents lower at $16.16. Aug. soyoil futures finished $0.18 lower at $51.79. The Aug. soymeal futures finished $13.50 lower at $523.70. 
In the outside markets, the NYMEX crude oil is $1.51 per barrel lower, the dollar is higher and the Dow Jones Industrials are 108 points lower.

Alan Brugler, Brugler Marketing & Management LLC president, says the move lower is mostly because of increased rain and rain chances. 

"The rains mostly aids soybeans, but also stabilizes corn yield. Corn use has also dropped off sharply, and export sales are almost non-existent," Brugler says.

He adds, "Some hedge funds are also making sales due to asset allocation rules (i.e., with the gain in July they have too much money in grains and need to move some of it to other investments)." 

Matt Connelly, independent CME Group floor trader, says demand destruction pressured prices today. "For the corn market, it's all about demand destruction. Yields of 100 bushels per acre,110,120 do not matter. There is no demand.  This is coming from the bear camp.  For soybeans, speculators are getting long the Aug. contract. No deliveries yet, as we break 50 cents. I think we're seeing some 'back and fill', for both markets," Connelly says.