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116077

Farm Markets Close Lower Tuesday

USDA Ratings Stay Strong

DES MOINES, Iowa -- On Tuesday, the CME Group’s farm markets closed lower, with a sell-off mentality in place. Yesterday’s favorable USDA crop ratings keep the bulls out to pasture.

At the close, the September corn futures settled 4¾¢ lower at $3.28½, while December futures finished 5¼¢ lower at $3.37¼ per bushel.

September soybean futures ended 1¢ lower at $10.34¼, while November soybean futures closed 2¼¢ lower at $10.13½.

September wheat futures closed 7½¢ lower at $4.07¾.

September soy meal futures closed $1.80 per short ton lower at $332.40. September soy oil futures closed unchanged at 33.89¢ per pound. 

In the outside markets, the Brent crude oil market is $0.68 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 27 points higher.

Jack Scoville, The PRICE Futures Group senior market analyst, says that price action has been bad, given the solid performance yesterday. 

“No sales announcements that I saw anyway today, that is part of it. The crop tour that is going through the Midwest is in Indiana. Seeing some good crops there, but the Nebraska stuff is not good,” Scoville says. 

The USDA crop ratings remain stable to stronger against ideas of stable to weaker, he says. 

“Overall, I feel that this is as much Turnaround Tuesday price action as anything. Also, lots of talk on how the crop tour is always low in its estimates,” Scoville says. 

Scoville adds, “That is true, but the tour is finding below the three-year average for the tour, and that should stand for something.  I think the down side is not real big, I kind of feel we know the lows. But we do have a harvest coming. So, I am looking to do some needed selling for producers.”

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