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Corn Lower for Fifth Straight Session Monday
DES MOINES, Iowa (Agriculture.com)— On Monday, the CME Group’s corn market reversed lower, following weaker USDA Weekly Export Inspections were released.
At the close, the May corn futures settled 2 1/2 cents lower at $3.57. May soybean futures ended 2 1/2 cents lower at $8.61. May wheat futures finished 1 cent higher $4.53. May soymeal futures closed $1.90 per short ton higher at $262.50. May soyoil futures ended $0.36 lower at $30.87. In the outside markets, the Brent Crude oil market is $0.97 higher per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 29 lower.
Corn dropped for a fifth straight trading session, due to a lack of demand. Traders also witnessed end of month selling, as funds try to capture enough money for bonuses.
Soybeans dropped to their lowest level since November, with more deliveries than expected against the expiring March contract. Also, weekly USDA Export Inspections came in weaker than expected. In addition, the Brazilian farmers are gaining momentum bringing in a record-large soybean crop, putting even more pressure on the bean market.