Home / News / Business news / The CME Group grain prices close mostly lower

The CME Group grain prices close mostly lower

07/26/2010 @ 11:00pm

CHICAGO, Illinois (Agriculture.com)--After a sharply higher open, the CME Group grain markets close mostly lower Tuesday.

The Dec corn futures settled 1 cent lower at $3.77. The Nov. soybean contract ended 3/4 of a cent lower at $9.65 1/2. The Sep. wheat futures settled 5 1/2 cents higher at $5.95. Dec. soybean meal futures ended $0.80 higher at $278.30 per short ton. Dec. soyoil futures closed 27 points lower at 39.29.

In the outside markets, the NYMEX crude oil is $1.37 lower per barrel, the dollar is higher, and the Dow Jones Industrials are up 29 points.

"The higher open was nothing but a 'dead-cat bounce' after the talk of Russia halting grain exports proved to be wrong," Joe Bedore, FC Stone's floor manager at the CME Group, says. 

Bedore adds, "The market ran out of buyers quickly. Plus, the U.S. crop conditions improved in yesterday's USDA report, especially the excellent ratings, and technically the market was oversold. All of those things are pressure for the market. Overall, the prices are afraid to break too much due to the August 11 USDA report approaching, he says. Traders think the USDA will be close on their number for corn."

CancelPost Comment
MORE FROM MIKE MCGINNIS more +

Corn Ends Lower, Soybeans Mixed By: 04/17/2014 @ 8:38am DES MOINES, Iowa (Agriculture.com)--On Thursday, the CME Group corn markets closed lower, soybeans…

Mixed farm markets seen Thursday By: 04/17/2014 @ 8:05am On Thursday, the CME Group's corn, soybean and wheat markets are expected to start mostly…

Soybeans Close 17¢ Higher By: 04/16/2014 @ 8:46am DES MOINES, Iowa (Agriculture.com)--On Wednesday, the CME Group's corn, wheat markets came…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Big Picture: CME Trading Weather