(Agriculture.com) – Spec-selling and positioning ahead of tomorrow’s USDA Report pushed the CME Group corn, soybean, and wheat markets to a lower close Tuesday.
The Dec. futures corn contract settled 5 1/4 cents lower at $7.78. Nov. soybean futures contract finished 17 1/4 cents lower at $17.01 1/2. Dec. wheat futures finished 6 cents lower at $8.83 per bushel. The Dec. soyoil futures contract settled $0.58 lower at $55.98. The Dec. soymeal futures contract settled $3.50 per short ton lower at $515.90.
In the outside markets, the NYMEX crude oil is $0.37 per barrel higher, the dollar is lower and the Dow Jones Industrials are 69 points higher.
Jack Scoville, PRICE Futures Group vice president, says the lower trade day is a result spec-selling before the reports tomorrow.
“Most likely more long liquidation. However, a lot of farmers are selling right off of the combine and then will buy futures or options later. So, there is some harvest pressure coming as well. Can’t say I blame the producers given the price and quality concerns,” Scoville says.
Not hearing about much aflatoxin in corn harvested, he says. “And the late planted corn seems better than the early planted corn, so far,” he says.
