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Wheat takes corn lower

Updated: 12/07/2011 @ 2:42pm

DES MOINES, Iowa (Agriculture.com)--With an overall bearish tone, the CME Group corn, soybean and wheat markets finished weaker Wednesday.

The March corn futures settled 3 cents lower at $5.82 1/4. The Jan. soybean contract finished 1 1/2 cents higher at $11.31. The March wheat futures settled 12 1/2 cents lower at $6.00 1/2. The Jan. soymeal futures finished $1.10 higher per short ton at $285.20 and January soyoil closed $0.25 higher at $50.48.

In the outside markets, the NYMEX crude oil is $0.93 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 15 points.

Jack Scoville, PRICE Futures Group vice president, says today's market is littered with speculative trading.

"On the plus side, talk of dry weather in parts of Mato Grosso in Brazil support beans.,  The rest is just dead markets with no buying interest.  Export side not big, the dollar is firm, and general fear and loathing are keeping people out of the market.  

Corn and wheat are being pulled down by the news of big wheat crops in Australia and Canada, along with no demand for U.S. crops from Egypt and Iraq, he says. 

"The corn cash basis in the Gulf was weak yesterday too, offering little support for the futures market," Scoville says.

Joe Bedore, FC Stone's CME Group floor manager, says the corn market is overall bearish and needs a string of higher finishes to return to the bull side.

"I see the market looking strong one day and weak the next," Bedore says. "I am somewhat impressed with corn. With cheaper wheat in Argentina, Australia, Canada, and the Black Sea, corn is stuck in a bearish mode."

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