Home / Markets / Markets Analysis / Corn market / Too much pressure for grains

Too much pressure for grains

Updated: 02/24/2011 @ 2:15pm

CHICAGO, Illinois (Agriculture.com)--Long liquidation, unfavorable outside markets and bearish USDA crop estimates pulled the CME Group grain markets down Thursday. 

The May corn futures closed 5 3/4 cents lower at $6.96 1/2. The May soybean contract settled 2 1/4 cents lower at $13.29 1/4.  The May wheat futures ended 15 3/4 cents lower at $7.82 1/2. The May soymeal futures settled $1.20 per short ton lower at $354.90. The May soyoil futures settled $0.42 lower at $55.28.

In the outside markets, the NYMEX crude oil is $0.85 per barrel lower, the dollar is lower, and the Dow Jones Industrials are down 44 points.

A breaking crude oil market and lower Dow helped push the grain prices lower Thursday, analysts say. Plus, the USDA Outlook Conference estimate Thursday of the second largest U.S. corn crop since World War II pressured prices. At the same time, traders were shedding 'long' positions. Yesterday alone, 40,000 corn contracts were liquidated.


CancelPost Comment
MORE FROM MIKE MCGINNIS more +

Video: Early Harvest Weather Could Delay… By: 09/04/2015 @ 12:50pm Combines have been rolling this week in the southern portion of Corn Belt states. However Dan…

Corn, Wheat End Higher Friday By: 09/04/2015 @ 8:47am DES MOINES, Iowa (Agriculture.com)—As the farm markets consider the long Memorial Day weekend…

Wheat Ends 13¢ Lower By: 09/03/2015 @ 9:08am DES MOINES, Iowa (Agriculture.com)--On Thursday, the CME Group's corn, soybean, and wheat…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Freese-Notis Early Harvest Weather Outlook
Agriculture.com

FREE MEMBERSHIP!

CLOSE [X]