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Soybeans drop double-digits

Updated: 01/29/2014 @ 2:15pm

DES MOINES, Iowa (Agriculture.com)--The CME Group soybean market closes sharply lower on crop-weather and canceled sales talk Wednesday.

The March corn futures contract settled 4 1/2 cents lower at $4.27. The March soybean futures contract ended 16 cents lower at $12.69. March wheat futures finished 14 cents lower at $5.51 per bushel. The March soymeal futures contract ended $5.30 per short ton lower at $423.30. The March soyoil futures finished $0.30 lower at $37.10.

In the outside markets, the NYMEX crude oil is $0.17 per barrel lower, the dollar is lower and the Dow Jones Industrials are 186 points lower.

The soybean market was doomed, due to talk of China canceling soybean orders and improved South America crop-weather, traders say.

Also, trend-following funds are chasing wheat lower, following the higher stocks number in the USDA January 10 Report.

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