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CME Group corn, soybean prices close sharply

07/18/2010 @ 11:00pm

CHICAGO, Illinois (Agriculture.com)--As they traded all session, the CME Group grain prices close sharply lower Monday.

The Dec corn futures settled 13 1/4 cents lower at $3.94. The Nov. soybean contract closed 13 cents lower at $9.72. The Sep. wheat futures settled 5 cents lower at $5.82 1/4. Dec. soybean meal futures ended $4.50 lower at $285.50 per short ton. Dec. soyoil futures closed 32 points lower at 38.74.

In the outside markets, the NYMEX crude oil is $0.52 higher per barrel, the dollar is higher, and the Dow Jones Industrials are up 46 points.

The expected heat dome is now projected to set up further south of the Corn Belt than first thought. This is putting a lot of pressure on the grain markets, traders say.

Scott Shellady, GFI Group floor trader, says the market has taken a step back, here. "The new weather forecast has some traders concerned. But, this market is still a good buy."

Tim Hannagan, PFGBest.com senior analyst, says the traders this morning are trimming some of the weather premium they built in last week as forecasts have changed from Friday. "They now have rains entering the Midwest Corn Belt on-and-off through Friday but leave the 10% of our corn and bean production in the southern Delta as hot and dry all week. This new forecast isnt bearish but just not as bullish as when markets closed last Friday. Traders will use tonight's crop condition reports after the close for Tuesdays direction."

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