Soybeans settle 28¢ lower
DES MOINES, Iowa (Agriculture.com)--The CME Group corn, soybean and wheat markets settled lower Thursday.
The March corn futures contract settled 6 cents lower at $6.96. The Jan. soybean futures contract finished 28 cents lower at $14.08. March wheat futures finished 15 cents lower at $7.90 per bushel. The Jan. soyoil futures contract closed $0.50 lower at $47.91. The Jan. soymeal futures contract finished $8.80 per short ton lower at $427.70.
In the outside markets, the NYMEX crude oil is $0.27 per barrel higher, the dollar is lower and the Dow Jones Industrials are 17 points higher.
Jack Scoville, PRICE Futures Group vice-president, says fund-selling is occurring in a big way in all markets.
"Funds are taking their toys out of the sandbox and going home for the holidays. I can’t think of anything else," Scoville says.
Today's weekly report shows strong soybean complex sales. But, the China cancellation of U.S. soybean sales is taking that positive away, he says.
"Corn sales were bad again, and an issue for sure. Wheat sales were very good. The lack of progress in Washington, I think, is a factor in the selling today. I feel like people are getting out before the holidays and will take the holidays off before doing anything which means a couple of slow weeks coming," Scoville says. I
Scoville adds, "I also think that idea implies that today or tomorrow is the end of this selling pressure and we could be sideways to higher next week."