(Agriculture.com) -As the CME Group farm markets closed lower, the Midwest rainfall is being viewed as positive for grain production and negative to the corn, soybean and wheat markets Monday.
The July corn futures contract settled 8 cents lower at $4.99. The Dec. corn futures finished 6 cents lower at $4.92. The July soybean futures contract ended 21 cents lower at $14.65. The Nov. soybean futures finished 14 cents lower at $12.12. July wheat futures ended 7 cents lower at $7.15 per bushel. The July soymeal futures contract settled $9.10 per short ton lower at $478.20. The July soyoil futures closed $0.20 lower at $40.98. In the outside markets, the Brent crude oil is $0.61 per barrel higher, the dollar is higher and the Dow Jones Industrials are 111 points higher.
Dustin Johnson, EHedger LLC, grain analyst, says weather and technicals are combining for market pressure, today. “Markets are lower from slightly warmer and drier conditions over the weekend. Everyone is expecting a favorable planting progress report this afternoon, I am hearing at least 60% planted for corn. Combine that with the fact that we had a bearish report on Friday and we have a good reason to sell off from these lofty levels.
He adds, “December corn technicals don’t look very good either. We gapped lower over the weekend and are below a major techincal trendline. Our next downside objective is $4.80.”
