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Wheat Ends 21¢ Lower Monday
DES MOINES, Iowa (Agriculture.com)--Ahead of tomorrow's USDA November Supply/Demand Report, the CME Group's corn and wheat markets closed lower Monday.
At the close, the Dec. corn futures settled 6 1/4 cents lower at $3.66 3/4. Nov. soybean futures finished 2 1/4 cents higher at $8.73 1/2.
Dec. wheat futures closed 21 1/2 cents lower at $5.01 3/4.
Dec. soymeal futures settled $0.70 per short ton lower at $295.00. Dec. soyoil futures closed $0.27 lower at $27.77.
In the outside markets, the Brent Crude oil market is $0.41 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 213 points lower.
Jack Scoville, The PRICE Futures Group Senior Market Analyst, says that there is a lot of attention on the rice that has fallen out of bed today.
“Other than that, I think we are most interested in the reports tomorrow and we are seeing a lot of position-squaring before the numbers come out,” he says.
“Some worries of more production than expected, but I think most are fine with the average trade estimates. We expect demand cuts in wheat and corn, too, but not soybeans due to the recent surge in export demand from China.” Scoville says.
The stronger US Dollar not really a factor today, he says.
“I think the overall tone is that we got plenty to meet any demand ideas for now, and that is keeping would be buyers on the sidelines and letting bears push on it a bit.”