Soybeans end 24¢ lower
DES MOINES, Iowa (Agriculture.com)--The CME Group corn, soybean and wheat markets settled lower Friday.
The Dec. corn futures contract finished 8 cents lower at $4.51. The Nov. soybean futures contract settled 24 cents lower at $13.15. Dec. wheat futures ended 10 3/4 cents lower at $6.46 per bushel. The Dec. soymeal futures finished $8.80 per short ton lower at $411.60. The Dec. soyoil futures closed $0.62 lower at $42.34.
In the outside markets, the NYMEX crude oil is $1.01 per barrel lower, the dollar is higher and the Dow Jones Industrials are 149 points lower.
Mike North, First Capital Ag senior risk advisor says soybeans lead the pack lower.
"Specifically, soybean meal prices are breaking down domestically as new crop supplies and replenishing crusher needs. Additionally, the forecasted rain is seen as stabilizing and potentially increasing soybean yields in the northern production areasm" North says.
All of this helped take November soybeans through the gap that has been closely followed since it was made in August, he says.
"Once penetrating that $13.31 ½ level, weak holders of long positions began exiting. That has been the story today."