Wheat Closes At Multi-Year Lows
DES MOINES, Iowa (Agriculture.com)— On Tuesday, the CME Group’s corn, soybean, and wheat markets closed mostly lower, after the USDA released bigger-than-expected corn supplies, largest world wheat endings stocks in history and less demand data. On Tuesday, the USDA/WASDE Reports proved to be slight pressure for the grain markets.
At the close, the March corn futures settled 1 1/4 cents lower at $3.61. March soybean futures finished 3/4 of a cent higher at $8.63 1/4. March wheat futures finished 1 cents lower at $4.57 1/2, the lowest in nearly five years. March soymeal futures settled $1.40 per short ton lower at $263.10. March soyoil futures ended $0.06 lower at $30.69. In the outside markets, the Brent Crude oil market is $1.68 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 27 lower.