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

Wheat pulls down corn and soy prices

Updated: 09/08/2010 @ 2:58pm

CHICAGO, Illinois (Agriculture.com)--The CME Group wheat market closes sharply lower, pulling down corn and soybeans Wednesday. 

The Dec corn futures settled 3 34/ cents lower at $4.62 1/2. The Nov. soybean contract settled 3 1/4 cents lower at $10.48 3/4. The Dec. wheat futures closed 24 1/4 cents lower at $7.11. The Dec. soyoil futures ended 11 points lower at $41.68. The Dec. soymeal futures closed $1.90 lower at $304.80 per short ton.

In the outside markets, the NYMEX crude oil is $0.49 per barrel higher, the dollar is lower, and the Dow Jones Industrials are up 40 points.Tim Hannagan, PFGBest.com senior analyst, says the markets are trading both sides of zero, ahead of the Friday government report.

"The markets are clearly focused on Friday's report. "It's all positioning and posturing, ahead of the Friday crop report. Last night's crop condition report was unchanged on beans and down only 1% in corn. Traders felt it should be lower for both. This would have supported the thinking of a bullish Friday crop report off lower yield and production that traders have. So, this has led to second-guessing on the report Friday and two-sided narrow trade today," he says.

CancelPost Comment

Reports 09/09/2010 @ 5:34am according to the analysts this report is the most important report of the season....well wait aminute i thought the report last week was the most important or was it the S&D report? NO NO No it was the planting INTENTIONS report last march was the most important! LMAO!!! most of the time the traders seem to shrug off the info in these reports anyway if it doesnt suit their liking. i wish there were daily reports then they wouldn't know what info they are all trading on.

Report Abuse Reply

Soybeans Surge Higher Thursday By: 08/27/2015 @ 8:53am On Thursday, the CME Group's soybean market has jumped up double-digits to start the…

Soybeans Seen Moving Up Double-Digits… By: 08/27/2015 @ 6:12am On Wednesday, the CME Group's corn, soybean, and wheat markets are expected to start…

Soybeans Close 12¢ Lower By: 08/26/2015 @ 8:36am DES MOINES, Iowa (Agriculture.com)--After trading higher, the CME Group's corn, soybean, and…

This container should display a .swf file. If not, you may need to upgrade your Flash player.
John Deere High Capacity Nutrient Applicator