Soybeans end at three-week low
DES MOINES, Iowa (Agriculture.com)--Falling outside markets pushed the CME Group corn, soybean, and wheat markets to a lower close Thursday. Soybean prices hit a three-week low.
The July futures corn contract settled 9 cents lower at $6.73. New-crop December corn futures ended 10 cents lower at $5.60. The July soybean futures contract finished 25 cents lower at $14.97; new-crop November soybeans ended 25 cents lower at $12.85. July wheat futures finished 6 cents lower at $7.00 per bushel. The July soymeal futures finished $8.00 per short ton lower at $445.60. The July soyoil futures closed 95 cents lower at $48.40.
In the outside markets, the NYMEX crude oil is $3.20 per barrel lower, the dollar is higher, and the Dow Jones Industrials are 337 points lower. Tim Hannagan, Walsh Trading grain analysts, says that the broad commodities sell-off is the key market factor today.
"Every so often, the outside markets have a house cleaning day and liquidate excess long-held positions. Today saw metals, energies, and currencies all fall hard, pulling grains off their two-day weather rally. Note, it's not July yet, when yields are lost to weather problems. So, the recent weather is just a scare of possible trends to come and easily erased," Hannagan says.