Soybeans end sharply lower
DES MOINES, Iowa (Agriculture.com)--A lack of world market participants and increased farmer-selling pushed the CME Group soybean market sharply lower Monday.
The Dec. futures corn contract settled 1/2 of a cent higher at $7.56. Nov. soybean futures contract finished 40 cents lower at $15.60. Dec. wheat futures are trading 20 cents lower at $9.07 per bushel. The Dec. soyoil futures contract finished $1.45 lower at $51.21. The Dec. soymeal futures contract closed $12.40 per short ton lower at $474.50.
In the outside markets, the NYMEX crude oil is $0.27 per barrel higher, the dollar is higher and the Dow Jones Industrials are 63 points higher.
Al Kluis, Kluis.com market analyst, says the weakness today in soybeans and wheat is on increased farmer selling and slow demand.
"It is Golden Week in China where virtually all businesses and the stock and commodity exchanges are closed. This translates into a slow week for export demand," Kluis says.
Regarding the corn market, you also have some hedge pressure, a lot of investors will wait till day 3 or 5 of the first quarter to start buying, he says.
"I expect money to flow in the grain markets later this week. The weakness is a good opportunity to buy - not the time of the year to sell," Kluis says.