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Soybeans Drop 70¢

Updated: 06/30/2014 @ 2:37pm

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.

Discuss the USDA June Acreage & Stocks Report in Marketing Talk. 

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.

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