Home / Markets / Markets Analysis / Soybeans market / Soybeans, corn closed down

Soybeans, corn closed down

03/13/2013 @ 9:57am

A weak CME Group soybean market kept gains limited for corn and wheat Wednesday. 

At the close, the May futures corn contract finished 4 cents lower at $7.10. The May soybean futures contract settled 21 cents lower at $14.47. May wheat futures ended 6 cents higher at $7.10 per bushel.

The May soyoil futures contract settled $0.46 lower at $49.52. The May soymeal futures closed $7.30 per short ton lower at $428.90. 

In the outside markets, the NYMEX crude oil is $0.47 per barrel lower, the dollar is higher and the Dow Jones Industrials are 9 points higher.

Tim Hannagan, Alpari (U.S.) senior grain analyst, says that the soybean market pushed corn lower. "Lower cash prices in Brazil and the US have futures on the defensive. There's been good delivery of beans against the expiring March futures, Thursday. This and talk of 7 million metric tons of beans to be shipped out of Brazil in March all pushed prices lower, with corn lower in sympathy. Wheat strength comes on expectation of bullish numbers on Thursday's weekly export sales report," Hannagan says.

CancelPost Comment
MORE FROM MIKE MCGINNIS more +

Farmers Are Urged to Adopt Conservation… By: 07/28/2014 @ 2:09pm U.S. farmers need to wake up to adopting conservation measures, world buyers find U.S. corn carries…

Weekly Market Wrap-up: Low Prices Cure Low… By: 07/25/2014 @ 12:16pm   RELATED VIDEO       Low prices, cure low prices…

Wheat Prices Turn Higher By: 07/25/2014 @ 8:45am DES MOINES, Iowa (Agriculture.com)--Even after big, fresh export sales announced, the CME…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Scott Shellady: Options 101