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Farm Markets Finish Lower Monday

The trade is looking for bullish news.

DES MOINES, Iowa -- On Monday, the CME Group’s farm futures ended lower on world issues.

At the close, the May corn futures settled 2½¢ lower at $3.68¼, while December futures settled 2¼¢ lower at $3.88¾.

May soybean futures finished 2¼¢ lower at $10.22. November soybean futures ended ¾¢ lower at $10.06¼.

May wheat futures finished 9¼¢ lower at $4.38¾.

May soy meal futures closed $0.10 per short ton lower at $335.60. May soy oil futures finished 0.04¢ lower at 32.63¢ per pound. 

In the outside markets, the Brent crude oil market is $0.19 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 19 points higher.

Jack Scoville, The PRICE Futures Group’s senior market analyst, says that a lot of guys are rolling, folding, or both before first notice day deadline for the March futures, tomorrow. 

“We are being told to expect some pretty big deliveries. Some selling in soybeans, due to the weaker export sales report last week and the inspections today implying that demand is less,” Scoville says. “Some bird flu talk around from China to account for the less demand.” 

He adds, “Wheat is lower but not sure why, trying to talk weaker world prices I think, but we should be firm and holding with the dry weather in the Prairies.” 

Corn is boring, Scoville says.

“The selling in soybeans and wheat is carrying over into the corn market. But the sales and weekly grain inspections for export are good and should provide support. Mild weather has people working in the fields with some planting reported in rice anyway, near the Gulf Coast and probably corn in near the Texas gulf coast,” Scoville says.

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