Home / Markets / Markets Analysis / Corn market / Soybeans end at three-week low

Soybeans end at three-week low

06/20/2013 @ 8:38am

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.

CancelPost Comment

mark guildenzoph 06/20/2013 @ 11:49am What a bunch of BS outside liquidating of other commodities should have no bearing on grains and long term held positions. The crops look absolutely terrible that are in and a lot of farmers are still planting. You can say what you want about july weather having an effect, but I'm telling you now it was the May and June weather that has all the effect on this years yields and outcome. Come Sept. Quote me now when I say I told you so. Illinois Farmer

Report Abuse Reply

Re: Re: 06/20/2013 @ 2:16pm These idiots will use anything they can to knock down prices,they put their head in the sand and ignore facts. They care nothing of the farmer.

Report Abuse
MORE FROM MIKE MCGINNIS more +

Soybeans, Wheat Close Double-Digits Lower By: 07/29/2014 @ 3:12pm On Tuesday, the CME Group soybean market took back some of the gains from yesterday.At the close…

China Corn Ban Frustrates U.S. Industry By: 07/29/2014 @ 2:29pm How can the U.S. regain the China corn import market? That's the question asked and topic…

Farmers Are Urged to Adopt Conservation… By: 07/28/2014 @ 2:09pm U.S. farmers need to wake up to adopting conservation measures, world buyers find U.S. corn carries…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Scott Shellady: Options 101