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Wet weather drops grain prices

Updated: 01/13/2012 @ 2:57pm

The CME Group corn, soybean and wheat markets closed lower Friday.

The March corn futures closed 6 cents lower at $6.05 1/2. The March soybean contract opened 6 cents lower at $11.76 1/4. The March wheat futures opened 5 1/4 cents lower at $5.99 3/4. The March soymeal futures opened $2.10 per short ton lower at $305.00. The March soyoil futures opened $0.48 lower at $50.97. 

In the outside markets, the NYMEX crude oil is $1.18 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 135 points.

The Friday market continued to react to the negative USDA Crop Production and Supply/Demand Reports from Thursday.

In Addition, wetter forecasts for South America's dry crops pressured the grain markets Friday, according to traders.

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