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Technical Market Indicators Close Corn, Soybeans Lower

Traders spreading contracts pressure corn prices.

DES MOINES, Iowa -- On Monday, the CME Group’s farm futures markets closed mostly lower, as technical factors sparked a sell-off.

At the close, the July corn futures settled 8¾¢ lower at $3.75¼ while December futures finished 8¾¢ lower at $3.93¼.

July soybean futures ended 1¼¢ lower at $9.37¾, November soybean futures settled 1½¢ lower at $9.48½.

July wheat futures finished 1¾¢ higher at $4.67.

July soy meal futures closed $0.60 per short ton higher at $301.50. July soy oil futures closed 0.29¢ lower at 32.82¢ per pound. 

In the outside markets, the Brent crude oil market is $0.47 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 122 points higher.

Jack Scoville, The PRICE Futures Group’s senior market analyst, says that market moment is more about technical factors than anything. 

The crop reports should suggest the opposite of what is going on today, but the Commitments of Traders Report, from Friday, is showing that the funds covered almost all of the short position they held,” Scoville says. 

So, it looks like they are selling again since the weather this week looks somewhat better, less heat a little more rain, Scoville says. 

“On the other hand, wheat supported by heat in the Great Plains and bad conditions in Europe, and bean prices are looking for more spec short covering, but there is no real fundamental factor, that I know of, to drive it higher.”

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