Corn, soybeans close lower
DES MOINES, Iowa (Agriculture.com)--Though trimming losses, the CME Group corn, soybean markets still finished lower Thursday.
The March futures corn contract settled 1 1/2 cents lower at $6.89. The January soybean futures contract finished 2 cents lower at $14.03. March wheat futures ended 1/4 of a cent higher at $7.55 per bushel. The January soyoil futures contract ended 31 cents lower at $50.21. The January soymeal futures contract finished $1.50 per short ton lower at $405.60.
In the outside markets, the NYMEX crude oil is 36 cents per barrel lower, the dollar is higher, and the Dow Jones Industrials are 35 points lower.
Jack Scoville, PRICE Futures Group vice president, says that today's market faced too much bearish news. "Soybeans were lower on the Chinese cancelations of previously purchased U.S. soybeans. They might buy it back later, but it was negative news today," Scoville says. Wheat was trending higher, with no specific reason why, he says.
"But it is supposed to get pretty cold for U.S. winter wheat in a week or 10 days. And it will be warm before-hand. So, maybe we are playing the winterkill game. Not hearing demand talk, but there is talk of end user demand around in both corn and wheat today," Scoville says.
For soybeans, there is not a lot of demand talk. On Friday, the USDA will release its Weekly Export Sales Report. "We are expecting another strong weekly export sales report for wheat, at least I am. Corn and beans need not be strong," he says.
Meanwhile, funds seem to be the sellers in all markets today.