FSA Acres Push Farm Markets Lower

DES MOINES, Iowa (Agriculture.com)--On Wednesday, the Farm Service Agency's updated U.S. acreage estimates sent the CME Group's farm markets lower.

At the close, the Dec. corn futures settled 4 1/2 cents lower at $3.85.  Nov. soybean futures settled 1 3/4 cents lower at $8.87.

Dec. wheat futures closed 6 1/2 cents lower at $4.88 1/4.

Dec. soymeal futures ended $2.00 per short ton lower at $315.40. Dec. soyoil futures finished $0.23 higher at $26.89. 

In
the outside markets, the NYMEX Crude oil market is $2.10 higher per
barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 75
points higher.

Mike North, Wedbush Futures grain analyst, says the FSA numbers weigh on today's markets. "Today's move is about the FSA numbers being larger. It also is a function of the resistance the market was finding technically as the rallies were built in previous days."