Home / News / Business news / Wheat pulls down corn, soy prices

Wheat pulls down corn, soy prices

08/16/2010 @ 9:38am

CHICAGO, Illinois (Agriculture.com)--Rain expected to fall in drought-stricken Russia, pulled the CME Group grain markets lower Monday.

The Dec corn futures settled 4 1/2 cents lower at $4.22 3/4. The Nov. soybean contract settled 12 1/2 cents lower at $10.31 1/2. The Dec. wheat futures finished 38 cents lower at $6.96 1/4. The Dec. soymeal futures contract closed $1.30 per short ton lower at $295.40. The Dec. soyoil contract closed 1.07 points higher at $42.07.

In the outside markets, the NYMEX crude oil is $0.21 per barrel lower, the dollar is lower, and the Dow Jones Industrials are up 6 points.

Rain, forecasted to fall in Russia, tumbled the wheat market and ultimately the corn and soybean prices.

"Hard to imagine that this is it.  Consolidation is more likely the current theme, and closing prices on Monday represent new opportunities for those who still don't see much resolved, especially for Dec. options," one CME Group wheat options floor trader says. It certainly appeared as if people were politely stepping to the side as the underlying wheat tripped and fell."

Meanwhile, the traders are eyeing this afternoon's Crop Progress report for any downgrade of the U.S. crop ratings. The USDA report will be released at 3pm CST.

CancelPost Comment
MORE FROM MIKE MCGINNIS more +

Fund Rallies Ruling The Markets By: 05/22/2015 @ 11:19am Yes, the wheat market has rallied 60¢ since May 13. And yes, the corn and soybean markets have…

Long Weekend Can Mean Market Volatility By: 05/22/2015 @ 11:09am After several corn and soybean contracts mad new lows this week, traders fear the upcoming holiday…

Soybeans Close 14¢ Lower Friday By: 05/22/2015 @ 8:48am DES MOINES, Iowa (Agriculture.com)--On Friday, the CME Group's corn, soybean and wheat markets…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Weather Update - Late May, Early June
Agriculture.com

FREE MEMBERSHIP!

CLOSE [X]