Home / News / Business news / Grain markets see lower finish

Grain markets see lower finish

11/10/2010 @ 9:38am

CHICAGO, Illinois (Agriculture.com)--Profit-taking sinks the CME Group grain prices Wednesday, leaving the floor traders wondering if the market will be slowed until 2011.

The Dec corn futures settled 9 1/2 cents lower at $5.66 3/4. The Jan. soybean contract closed 9 1/2 cents lower at $13.19 1/2. The Dec. wheat futures finished 11 3/4 cents lower at $7.10.  The Dec. soymeal futures contract settled $6.40 lower at $360.10 per short ton. The Dec. soyoil futures contract closed $0.55 higher at $53.95.

In the outside markets, the NYMEX crude oil is $1.01 per barrel higher, the dollar is higher, and the Dow Jones Industrials are up 1 point.

One CME Group floor trader says that outside of the 'roll', when funds shift trading positions from one contract month to the next, this market will be choppy until the first of the year. He admits that you should watch out for the 'roll'. But, he's pondering whether to even be active until next year. 

"The market is setting back because it was looking for a more bullish corn report Tuesday and didn't get it," one CME Group floor trader says, choosing to remain anonymous. "Plus, with so much length in the market (lots of folks 'long'), you are seeing some profit-taking." 


CancelPost Comment
MORE FROM MIKE MCGINNIS more +

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…

Corn, Soybeans to Move Lower Friday By: 07/25/2014 @ 7:41am On Friday, the CME Group's corn, soybean, and wheat markets are expected to start lower. The…

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