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Soybeans end sharply lower

10/15/2012 @ 9:45am

DES MOINES, Iowa (Agriculture.com)--Speculative-selling kept the CME Group corn, soybean and wheat markets weaker Monday.

The Dec. futures corn contract closed 15 cents lower at $7.37. Nov. soybean futures contract finished 30 cents lower at $14.92. Dec. wheat futures settled 8 cents lower at $8.48 1/4 per bushel. The Dec. soyoil futures contract finished $0.66 lower at $50.01. The Dec. soymeal futures contract settled $9.10 per short ton lower at $456.10.

In the outside markets, the NYMEX crude oil is $0.01 per barrel lower, the dollar is lower and the Dow Jones Industrials are 107 points higher.

Jack Scoville, PRICE Futures Group vice-president, says the lower trading is mostly follow through spec-selling and not tied to much more than chart patterns.  

"The Chinese economic data was not so bad over the weekend and there is little on offer in the country now. But, the CFTC weekly reports still show a big spec-long and they are getting pushed out.  Overall, the markets are still looking for the harvest low and also looking for demand," Scoville says.  

He adds, "There is a lot of talk of great bean yields out there, and the ones I get from my farmers are pretty impressive, much better than the corn."

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