Corn, soybeans end lower
DES MOINES, Iowa (Agriculture.com)--Positioning ahead of what is expected to be a bearish WASDE Report tomorrow kept the CME Group corn, soybean and wheat markets lower Thursday.
The March futures corn contract settled 10 cents lower at $7.12. The March soybean futures contract finished 1 cent lower at $14.86. March wheat futures closed 6 cents lower at $7.55 per bushel. The March soyoil futures contract ended $0.55 lower at $51.90. The March soymeal futures finished $0.40 per short ton higher at $437.50.
In the outside markets, the NYMEX crude oil is $0.80 per barrel lower, the dollar is higher and the Dow Jones Industrials are 52 points lower.Jack Scoville, PRICE Futures Group vice-president, says the soybean market is getting the bid from the export sales for sure, plus lots of ideas that shipments will get switched to the U.S. from South America. "None of that is happening yet, though the talk is out there. I personally doubt it will happen," Scovile says. The South American crops are going to be big and they (Brazilians) will find a way to get them moved. The weather for the whole continent looks to get better next week, wetter south and drier north which will help."
Export sales were bearish for corn and wheat.
"I also see bull spreads working in corn which is the tight supply nearby. I am kind of getting the idea that there is corn out there in first hands, but not on offer. Plus, new crop hurt in corn and soybeans due to the CBO data the other day. Why anyone cares I have no idea, as it is just a trend yield against harvest area calculations. But, it gives the idea that big production is coming next year."