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Soybeans Close 13¢ Lower

08/05/2014 @ 8:40am

DES MOINES, Iowa (Agriculture.com)--On Tuesday, the CME Group's soybean and corn markets continue to give back yesterday's gains.

At mid-session, the Dec. corn futures are trading 4 cents lower at $3.65.

Nov. soybean futures are trading 16 3/4 cents lower at $10.62.

Sep. wheat futures are 1 cent lower at $5.43.

Dec. soymeal futures are $5.00 lower at $342.80. Dec. soyoil futures are $0.53 lower at $35.87.

In the outside markets, the NYMEX Brent crude oil is $0.70 per barrel lower, the dollar is higher and the Dow Jones Industrials are 74 points lower.

Mike North, Sr. Risk Management Advisor for First Capital Ag, says the back and forth nature of this week’s trade is a direct result of the fickle nature of weather forecasts.  "The dry conditions that were expected yesterday have been replaced with forecasts for rain in the western Corn belt where moisture is a very welcomed guest.  Soybeans have taken the leadership in this weather driven market as we move into a critical development stage.  Corn and wheat remain followers of soybean’s direction.  Quite likely there will be more of this two sided trade as forecasts this time of year are constantly evolving."

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