Soybeans Trim Gains, Close Lower Tuesday
DES MOINES, Iowa -- On Tuesday, the CME Group’s farm futures markets spent most of the session in positive territory, only to sell off at the close.
The global demand for U.S. soybeans, which many believe is undervalued, helped keep the markets higher, until profit-taking occured.
At the close, the December corn futures settled ¼¢ lower at $3.53¾, and March futures finished ½¢ lower at $3.63½ per bushel.
November soybean futures ended 5¾¢ lower at $9.72½; January soybean futures closed 4¾¢ lower at $9.81¼.
December wheat futures settled 3¾¢ lower at $4.20.
December soy meal futures finished $0.10 short ton lower at $303.40. December soy oil futures closed 0.37¢ lower at 35.07¢ per pound.
In the outside markets, the Brent crude oil market is $0.11 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 90 points higher.
Also, USDA Tuesday announced huge fresh soybean sales to China.
Private exporters reported to the U.S. Department of Agriculture export sales of 706,500 metric tons of soybeans for delivery to China during the 2016/2017 marketing year.
The marketing year for soybeans began September 1.
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