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Soybeans, Corn Close Lower Wednesday

Wheat remained weaker.

DES MOINES, Iowa -- On Wednesday, the CME Group’s farm markets ended the same as they traded all session – lower.

At the close, the September corn futures settled 1¢ lower at $3.27½, and December futures settled 1¢ lower at $3.36 per bushel.

September soybean futures ended 3½¢ lower at $10.30¾; November soybean futures finished 8¼¢ lower at $10.05¼.

September wheat futures closed 3¾¢ lower at $4.04.

September soy meal futures settled $0.90 per short ton lower at $331.50. September soy oil futures closed 0.32¢ lower at 33.57¢ per pound. 

In the outside markets, the Brent crude oil market is $1.39 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 52 points lower.

Deanna Hawthorne-Lahre, cofounder of StatFutures, says the market needs fresh export news to stay higher. And even that is not enough right now.

“We are looking at potentially big supplies and need the demand,” she says.

On Wednesday, private exporters reported to the U.S. Department of Agriculture export sales of 101,600 metric tons of corn for delivery to unknown destinations during the 2016/2017 marketing year.

The marketing year for corn began September 1.

While soybean acreage is expected to drop in Brazil, Argentina’s corn acreage is pegged to increase by 25% in 2017, according to Al Kluis, Kluis Commodities.

Argentine farmers will soon begin their corn planting soon.

“The elimination of corn export taxes is working as expected: Corn acres in Argentina are projected to go up from 8.9 million acres in 2016 to just over 11 million acres in 2017. The total corn crop is projected to increase from 1.1 billion bushels this year to over 1.4 billion bushels in 2017,” Kluis stated in a weekly Successful Marketing newsletter.

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