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Wheat closes 21¢ Lower

Updated: 07/07/2014 @ 1:41pm

DES MOINES, Iowa (Agriculture.com)--With favorable crop-weather in the forecast for the foreseeable future, the CME Group corn, soybean and wheat markets started the week lower.

The Dec. corn futures settled 8 cents lower at $4.07.

Nov. soybean futures ended 5 3/4 cents lower at $11.27.

Sep. wheat futures closed 21 1/2 cents lower at $5.82.

The Dec. soymeal futures contract ended $0.70 per short ton lower at $359.50. The Dec. soyoil futures closed $0.23 lower at $38.54.

In the outside markets, the NYMEX Brent crude oil is $0.57 per barrel lower, the dollar is lower and the Dow Jones Industrials are 65 points lower.Jack Scoville, PRICE Futures Group, says good weather is hurting the prices. "Today we are down hard on the outlook for mostly benign weather in the Corn Belt, for the next week or two.  It looks warmer, but still with plenty of moisture."

In reality, crops up in Wisconsin, anyway, need a little sun and drier weather, he says.  "The corn is yellow and there are many more drowned out spots than I am used to, but overall the crop should be real big and we all are getting that idea now," Scoville says.  

The Sep. futures already are trading with a 3 in front of them and Dec about to get there.  We might see a bounce, once Dec trades under 4, as that has been a target around here.  But, there is no real reason to look for any major moves higher," Scoville says.  

Even wheat is lower, today, as the growing conditions in the northern Plains and Canadian Prairies seem to have improved.  

Scoville adds, "A lower market, this week, implies generally lower markets into harvest, so buyer should beware.  There is corn in the US to sell, and enough beans now to make it for another month, and then comes the new crop.  Brazil producers still have quite a few beans to sell as well.  So, there should be no shortages anywhere in the longer term scheme of things, and these markets might get pretty ugly down the road."

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