Soybeans Close 18¢ Lower Tuesday
DES MOINES, Iowa -- On Tuesday, the CME Group’s soybean market sold-off, despite friendly fundamental and macro-factors.
At the close, the December corn futures are 5 3/4¢ lower at $3.49, while March futures are 5¢ lower at $3.57 3/4 per bushel.
November soybean futures are 18¢ lower at $9.84 1/4, while January soybean futures are 18 1/2¢ lower at $9.93.
December wheat futures are 2¢ lower at $4.14.
December soy meal futures are $6.60 short ton lower at $309.50. December soy oil futures are $0.32 lower at 34.85¢ per pound.
In the outside markets, the Brent crude oil market is $0.18 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 147 points lower.
Jack Scoville, The PRICE Futures Group’s Senior Market Analyst, says the market has gone up quite a bit and the specs have been very long.
“The only sales announcement was a corn sale to Mexico. It is a market entering the last part of harvest and this is the part of the harvest that comes to market. So, people are getting out of the way.
Scoville adds, “Plus, FC Stone and Informa, two private analyst firms, are going to be out soon with what should be some pretty big estimates, especially soybeans. So a short term move lower should have been expected. The market will most likely rebound once the liquidation selling is completed.”
On Tuesday, private exporters reported to the U.S. Department of Agriculture export sales of 212,344 metric tons of corn for delivery to Mexico during the 2016/2017 marketing year.
The marketing year for corn began September 1.