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Weather market sinks soybeans, corn

Updated: 11/12/2012 @ 2:32pm

DES MOINES, Iowa (Agriculture.com)--USDA's bearish soybean report last week and South America's improved weather kept the CME Group soybean market plunging into the close Monday.

The Dec. futures corn contract settled 21 cents lower at $7.17. Jan. soybean futures contract ended 46 cents lower at $14.05. Dec. wheat futures finished 29 cents lower at $8.69 per bushel. The Dec. soyoil futures contract closed $0.37 lower at $47.40. The Dec. soymeal futures contract settled $18.30 per short ton lower at $431.40.

In the outside markets, the NYMEX crude oil is $0.27 per barrel lower, the dollar is lower and the Dow Jones Industrials are 12 points higher.

Tim Hannagan, Alpari (U.S. ) LLC senior grain analyst, says that after a bearish crop update by the USDA Friday, raising production and ending stocks, markets continue their bearish trend off demand issues. "Corn, beans and wheat all see a shrinking demand base as government crop rationing sets in. We're just not seeing an aggressive approach by the government to move grain, as ending stocks are too tight as harvest winds down," Hannagan says. 

Until South American crops are planted at months end and weather on yields become an issue for pricing, demand remains the driving force, he says. 

Thursday's weekly export sales report continued to show weak corn and wheat exports but beans, for the first time, showed we may have all our major harvest commitments met, he says.

"Watch out for 'turn around Tuesday' as today's hard break could lead to profit-taking Tuesday," Hannagan says.

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