(Agriculture.com) – As expected, the outside market pressure proved to be too heavy, pushing CME Group corn, soybean, and wheat markets lower Thursday.
The March corn futures closed 15 cents lower at $6.43 1/2. The March soybean contract settled 21 cents lower at $12.09. The March wheat futures ended 20 3/4 cents lower at $6.29 1/4. The March soymeal futures closed $7.40 per short ton lower at $313.20. The March soyoil futures settled $0.97 lower at $52.06.
In the outside markets, the NYMEX crude oil is $1.53 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 5 points.
Rain chances increase for the dry areas of South America next week, analysts say. That is taking the brawny out of the bulls. A strong U.S. Dollar is causing a broad-based commodity sell off. And, some profit-taking from the recent rally is occurring.
Jack Scoville, PRICE Futures Group vice president, says the markets are being sold off today. “Spec selling, maybe some farm selling, mostly US dollar based. Also, some forecasts for some showers in SA are pressuring the markets. But, I think most of this is due to the stronger dollar and EU fears again,” Scoville says.
