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137836

Soybeans Close 20¢ Lower Tuesday

Markets react to big yield estimates

DES MOINES, Iowa -- On Tuesday, the CME Group’s soybean market ended sharply lower, unable to shake off the bearish USDA September Supply/Demand Report released Monday.

At the close, the December corn futures settled 9½¢ lower at $3.30, and March futures finished 9¼¢ lower at $3.40¾ per bushel.

November soybean futures finished 20¼¢ lower at $9.44; January soybean futures finished 19¾¢ lower at $9.49.

December wheat futures closed 8¼¢ lower at $4.01.

December soy meal futures ended $5.80 per short ton lower at $306.10. December soy oil futures are 0.79¢ lower at 31.85¢ per pound. 

In the outside markets, the Brent crude oil market is $1.27 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 278 points lower.

Jack Scoville, The PRICE Futures Group’s senior market analyst, says that the market is still digesting the USDA’s report from Monday.

“The selling is based around a delayed reaction to the reports yesterday, plus a little bit of U.S. dollar strength. Some still are longer term bullish. Ideas are we are getting into a very interesting time and place,” Scoville says. 

He adds, “But we’ve got a harvest to deal with first, and USDA tossed out some big numbers yesterday and really hurt the bull demand case. Mostly spec action today; farmers not interested in selling down at these prices, and finding that commercial buying is not showing up.”

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