Weather crashes soybean market
DES MOINES, Iowa (Agriculture.com)--The CME Group soybean market hit hard by improved crop-weather in Argentina finished sharply lower Tuesday.
The March corn futures contract settled 1 cents higher at $4.25. The March soybean futures contract closed 36 cents lower at $12.80. March wheat futures finished 1 1/4 cents lower at $5.62 per bushel. The March soymeal futures contract ended $18.00 per short ton lower at $416.50. The March soyoil futures settled $0.36 higher at $38.10.
In the outside markets, the NYMEX crude oil is $0.45 per barrel higher, the dollar is lower and the Dow Jones Industrials are 39 points lower.
Jack Scoville, PRICE Futures Group vice-president, says Argentina had some billion dollar rains over the weekend with more on the way.
"That seems to be the big fundamental for the market right now. Specs are selling, farmers for me are quiet, my buy side is quiet too. I think specs will need to sell lots and lots of beans this week, but we will see," Scoville says.
The china imports are very strong, and noted that way but providing no support today, he says.
"The weather may be supporting wheat on winterkill ideas, but with beans 25 to 30 lower the support has been limited. Fund to be a bean bear today," he says.