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Farm Markets Close Lower Thursday
DES MOINES, Iowa -- Profit-taking, lack of bullish news have combined to pressure the markets Thursday.
At the close, the December corn futures settled 6 1/2¢ lower at $3.51, while March futures finished 6 1/2¢ lower at $3.60 3/4 per bushel.
November soybean futures closed 6¢ lower at $9.75 1/2, while Jan. soybean futures closed 5 3/4¢ lower at $9.84 3/4.
December wheat futures finished 3 1/4¢ lower at $4.17.
December soy meal futures closed $1.80 a short ton lower at $304.60. December soy oil futures ended 0.35¢ lower at 35.05¢ per pound.
In the outside markets, the Brent crude oil market is $1.16 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 18 points lower.
Jason Roose, U.S. Commodities grain analyst, says lack of bullish news failed the markets.
“Bull markets need bull news every day, even though positive export news again. We saw weakness in the palm oil market and strong seasonal trend on beans coming to the end,” Roose says.
Roose adds, “A strong dollar is also weakening the grains today, making U.S. commodities less competitive against other world markets.”
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On Thursday, private exporters reported to the U.S. Department of Agriculture the following activity:
- Export sales of 114,000 metric tons of soft white wheat for delivery to unknown destinations during the 2016/2017 marketing year.
- Export sales of 192,000 metric tons of soybeans for delivery to unknown destinations during the 2016/2017 marketing year.
The marketing year for wheat began June 1 and soybeans began September 1.