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A Solid Close Lower For Farm Markets Monday

Improved harvest weather pressures prices

DES MOINES, Iowa -- On Monday, the CME Group’s farm futures markets used big yield reports and even bigger crop estimates to move lower.

At the close, the Dec. corn futures settled 7 1/2¢ lower at $3.29, while March futures finished 7 1/4¢ lower at $3.39 per bushel.

Nov. soybean futures settled 9 3/4¢ lower at $9.45 1/4, while Jan. soybean futures finished 9 1/2¢ lower at $9.51 1/2.

Dec. wheat futures finished 8 3/4¢ lower at $3.96.

Dec. soymeal futures ended $5.20 short ton lower at $297.60. Dec. soyoil futures closed $0.21 lower at 33.53¢ per pound. 

In the outside markets, the Brent crude oil market is $1.61 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 142 points lower.

Dustin Johnson, EHedger LLC grain analyst, says that the market is trading big yield reports.

“We are hearing record-large yields and favorable growing conditions. The market is resigning to the fact that we have record production well over the demand. I think the market’s focus is shifting toward how we are going to find that demand,” Johnson says.

He added, “Also, the USDA’s weekly soybean inspections, Monday, were well below what we thought. So, that helped kickstart that weakness as well.”

More soybean sales Monday. It really is something how many bushels of soybeans have been sold in the last month. Today, the USDA announced yet another fresh sale: Private exporters reported to the U.S. Department of Agriculture export sales of 240,000 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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