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Soybeans Close 14¢ Lower Wednesday

Corn drops slightly.

DES MOINES, Iowa -- On Wednesday, the CME Group’s futures markets finish lower.

At the close, the December corn futures finished ½¢ lower at $3.40, and March futures finished ¾¢ lower at $3.50 per bushel.

November soybean futures settled 14¼¢ lower at $9.75½; January soybean futures closed 13¾¢ lower at $9.81.

December wheat futures finished 1¾¢ higher at $4.07¾. December soy meal futures finished $4.50 per short ton lower at $308.70. December soy oil futures closed 0.43¢ lower at 33.66¢ per pound. 

In the outside markets, the Brent crude oil market is $1.26 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 58 points higher.

Jason Roose, U.S. Commodities, says the improved harvest weather talk is sinking the soybean market.

“Soybeans are taking premium out of the market today, as harvest nears and early yield reports continue to show signs of above average,” Roose says.

Roose adds, “Weather has been a concern the past few days with reports of talk of delays on harvest with an above-normal rain pattern. Yet, some forecasts are shifting to more of isolated rain systems, which would be beneficial for harvest, and possibly increase farmer grain movement.”

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