Weather sinks farm markets
DES MOINES, Iowa (Agriculture.com)--Due to the market thinking the weekend rain was less than expected, the CME Group farm markets closed lower Monday.
The the July futures corn contract settled 16 cents lower at $6.50. New-crop Dec. corn futures settled 12 cents lower at $5.46. The July soybean futures contract ended 16 cents lower at $15.11, new-crop Nov. soybeans settled 11 cents lower at $13.19. July wheat futures ended 6 cents lower at $6.89 per bushel. The July soymeal futures finished $4.20 per short ton lower at $448.30. The July soyoil futures ended $0.46 lower at $48.07.
In the outside markets, the NYMEX crude oil is $0.22 per barrel lower, the dollar is lower and the Dow Jones Industrials are 10 points higher.
Jack Scoville, PRICE Futures Group vice president, says a better weather forecast for U.S. crops kept a lid on the markets.
"All weather all the time! The forecasts are for better weather this week, after less rain than expected over the weekend. Funds were the big sellers, today. This weather rally might be gone now, so it could mean some selling pressure this week in all three markets," Scoville says.