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Soybeans Close 17¢ Lower Tuesday

Wheat is lower, too.

DES MOINES, Iowa -- On Tuesday, the CME Group’s farm markets remain weaker, lacking any bullish news – outside of demand – to go higher.

At the close, the September corn futures settled 7¾¢ lower at $3.04, while December futures finished 5¢ lower at $3.15¾ per bushel.

September soybean futures closed 17¾¢ lower at $9.65½, while November soybean futures closed 13½¢ lower at $9.50¾.

September wheat futures closed 7¼¢ lower at $3.63¼.

September soy meal futures finished $5.70 short ton lower at $313.80. September soy oil futures closed 0.08¢ lower at 32.73¢ per pound. 

In the outside markets, the Brent crude oil market is $0.58 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 72 points lower.

The USDA Crop Progress Report provided the bears with more ammunition, pegging an improved soybean good/excellent rating and a still-strong corn rating.

Jason Roose, U.S. Commodities, says that it’s a broad-based sell-off today.

“It is a national down day in the commodity markets today, with new contract lows in the corn and the wheat,” Roose says. “The pressure is coming from USDA’s good crop condition ratings, the large world feed grain supply, a stronger dollar, and the trade is pricing in a record supply.”

Deanna Hawthorne-Lahre, Statfutures cofounder, says the markets are really feeling pressure from all sides.

“The wheat collapse yesterday foretold weaker boards ahead of September first notice day. Also, Russia crop continues to grow past 70 million tonnes,” she says.

Hawthorne-Laure adds, “The soybeans are breaking hard today, in spite of additional business to Unknown this morning. The price blew through $9.60 per bushel, basis the November futures contract, like nothing was there. Next target $9.20. September futures are very weak, heading into ‘first notice day.’”

Corn is drifting lower, seeming to be waiting for the executioner, she says. Discussion of upcoming Brazil corn crop size is becoming an item of discussion.

On Tuesday, private exporters reported to the U.S. Department of Agriculture export sales of 126,000 metric tons of soybeans for delivery to unknown destinations during the 2016/2017 marketing year.

The marketing year for soybeans began September 1.

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