Grains close lower on harvest, farmer selling
Quick harvest progress, farmer selling and a lack of "fresh supportive news" sent the CME Group grains to a lower close Monday afternoon.
At the close, December 2010 corn futures were 5 3/4 cents lower at $5.61 per bushel, while November soybeans were 1 cent lower at $11.84, according to private sources. December CME wheat closed the day 14 1/2 cents lower at $6.90 per bushel.
Analysts say the corn market has "run out of momentum" as this week starts, but that's only temporary, according to a Dow Jones Newswires report. The setback -- fueled also by a lot of farmer selling in the last 10 days' sharp upward moves -- will likely be short-lived, analysts say. That's mainly because the export demand that's backed much of the recent runup doesn't look to abate anytime soon.