Soybeans Drop 70¢
DES MOINES, Iowa (Agriculture.com)--By increasing the U.S. 2014 soybean acres sharply higher than the trade expected, the USDA's Acreage Report put significant pressure on Monday's CME Group futures market.
While the July corn futures closed 18 3/4 cents lower at $4.24, the Dec. corn futures ended 22 cents lower at $4.25.
The Aug. soybean futures ended 48 cents lower at $13.29, while the Nov. soybean futures settled 70 cents lower at $11.57.
The most highly traded Sep. wheat futures closed 16 cents lower at $5.77.
The Dec. soymeal futures contract ended $25.60 per short ton lower at $367.40. The Dec. soyoil futures settled $1.24 lower at $39.15.
In the outside markets, the NYMEX Brent crude oil is $0.32 per barrel lower, the dollar is lower, and the Dow Jones Industrials are 14 points lower.