At the close:
At the close, the March corn futures settled 4¢ lower at $4.92. May corn futures are 3 1/2¢ lower at $4.94.
March soybean futures closed 2 1/4¢ lower at $13.72. May soybean futures ended 1 1/4¢ lower at $13.70 1/2.
March wheat futures closed 4¢ lower at $6.34 3/4.
March soymeal futures ended $7.20 short term higher at $446.80.
March soy oil futures closed 0.96 of a cent lower at 42.63¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.19 per barrel lower (-0.36%) at $52.05. The U.S. dollar is higher, and the Dow Jones Industrials are 89 points lower (-0.29%) at 31,008 points.
Jack Scoville, PRICE Futures Group, says the markets dropped due to the focus put on tomorrow's USDA Reports.
“We are down a bit mostly on spec long liquidation before the reports tomorrow. Soybeans have recovered from the early lows and the chart patterns are still bullish. Wheat is struggling as is corn. Corn is not as bullish as beans, with Argentina allowing exports and the weak U.S. ethanol demand," Scoville says.
Mike
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At midsession:
At midsession, the March corn futures are 3 1/4¢ lower at $4.93 1/4. May corn futures are 3 3/4¢ lower at $4.94 1/2.
March soybean futures are 3¢ lower at $13.71 3/4. May soybean futures are 1 3/4¢ lower at $13.69 1/2.
March wheat futures are 2 1/2¢ lower at $6.35 3/4.
March soymeal futures are $5.00 short term higher at $444.60.
March soy oil futures are 0.70 of a cent lower at 42.89¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.03 per barrel lower (-0.06%) at $52.21. The U.S. dollar is higher, and the Dow Jones Industrials are 16 points lower (-0.05%) at 31,081 points.
Mike
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At 8:45am:
Ag markets trade mixed ahead of USDA data dump.
Mike
