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Soybeans pull corn down

Updated: 11/05/2012 @ 2:49pm

DES MOINES, iowa (Agriculture.com)--With better prospects for Brazil's soybean planting season, the CME Group soybean market sold-off Monday.

The Dec. futures corn contract closed 4 cents lower at $7.35. Jan. soybean futures contract finished 23 cents lower at $15.03. Dec. wheat futures closed 1 cent higher at $8.66 per bushel. The Dec. soyoil futures contract finished $0.94 lower at $48.32. The Dec. soymeal futures contract finished $6.90 per short ton lower at $469.00.

In the outside markets, the NYMEX crude oil is $0.96 per barrel higher, the dollar is higher and the Dow Jones Industrials are 9 points higher.

Jack Scoville, PRICE Futures Group vice president, says the markets are digesting world crop-weather and election day prospects.

"The soy complex is about drier weather in southern Brazil and Argentina and wetter weather to the north. The wheat market is about drier weather in the Great Plains.  Corn is caught between," Scoville says.  

Argentina's crop-weather is as interesting as Brazil's, with more longterm implications for the corn market, he says.

"I'm hearing that Argentina might not produce over 25.0 million tons of corn. So, prices could stay firm unless the weather down there turns perfect.  The soybean prospects are starting to get hurt with the planting delays too. So, the downside for soybeans is probably limited, as well," Scoville says.

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