Soybeans, Corn Close Lower Wednesday
DES MOINES, Iowa (Agriculture.com)— On Wednesday, the CME Group’s corn and soybean markets closed lower. The trade is anticipating bearish crop production numbers coming out of Thursday and Friday's USDA Ag Outlook Conference.
At the close, the May corn futures settled 2 1/4 cents lower at $3.64 1/2. May soybean futures closed 3/4 of a cent lower at $8.72 1/4. May wheat futures finished 4 1/2 cents lower at $4.51 1/4. May soymeal futures closed $0.30 per short ton higher at $264.60. May soyoil futures closed $0.18 higher at $31.19. In the outside markets, the Brent Crude oil market is $0.03 higher per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 25 lower.
On Wednesday, private exporters reported to the U.S. Department of Agriculture export sales of 110,000 metric tons of corn for delivery to Colombia during the 2015/2016 marketing year.
The marketing year for corn began Sept. 1.
Jack Scoville, The PRICE Futures Group Senior Market Analyst, says that the markets are having a tough time gaining any positive traction.
“No real selling of crops from Brazil. And, I think that has provided a little support. The ship lineup at Brazil’s ports is supposed to be around 125 ships. So, there are ideas that the U.S. will get a little additional export business, as the backlog works down.”
The corn market is getting some interest on reports that U.S. corn cheaper than Argentina’s corn, for now. Wheat is just a wasteland for the entire world, right now and out futures contract prices are reflecting that. We should see some users of these commodities buying soon. Investors are rolling out of their March futures today.”