Corn, Soybeans End Lower Thursday
DES MOINES, Iowa (Agriculture.com)-- On Thursday, the CME Group's corn and soybean markets closed lower.
At the close, the March corn futures settled 2 1/2 cents lower at $3.68 1/2. March soybean futures finished 2 1/4 cents lower at $8.74 1/2. March wheat futures closed 7 1/4 cents lower at $4.72 3/4. March soymeal futures settled $2.50 per short ton lower at $267.60. March soyoil futures closed $0.26 higher at $31.24. In the outside markets, the Brent Crude oil market is $0.55 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 7 lower.
Jack Scoville, The PRICE Futures Group Senior Market Analyst, says the lower market was kind of a disappointing.
“The rally attempt today, given the big meltdown in the USD, was disappointing. I was hoping for better,” Scoville says. Also, I think the corn market is real disappointing, given the export sales report Thursday showing stronger demand.”
The trade seems to be more interested in the bigger crop estimates coming out of Brazil and Argentina, Scoville says.
“Estimates for both Brazil and Argentina have been lower than preious, but still high this week. U.S. farmer-customers are checking in, but don’t seem to be doing much. My Brazil customers are quiet today. We will see, soon we will start to see actual soybean sales from Brazil. But, so far, the cash has been quiet.”