(Agriculture.com) – On Tuesday, the CME Group’s soybean market closed lower, as traders positioned themselves ahead of tomorrow’s USDA December Supply/Demand Reports.
So far this week, 30¢ has been taken off of the soybean market.
At the close, the March corn futures settled 1/2 of a cent higher at $3.73 1/2. January soybean futures finished 5 1/2 cents lower at $8.76 3/4.
March wheat futures ended 1 1/4 cents lower at $4.81 1/2.
Jan. soymeal futures finished $2.60 per short ton lower at $275.40. Jan. soyoil futures closed $0.24 higher at $31.49.
In the outside markets, the Brent Crude oil market is $0.27 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 126 points lower.
Mike North, President Commodity Risk Management Group, says that today’s trade in soybeans is a continuation of the technical sell-off that began yesterday.
“Corn is hovering ahead of tomorrow’s report awaiting its release. Traders are not looking for much by way of a change in US production,” North says
The focus of tomorrow’s USDA Reports will be the demand side of the balance sheet and what effect it has on ending stocks, North says. “At present, guesses do not look for much by way of a change domestically. Production in South America will also be closely watched as the recent elections in Argentina promise to change the outlook on production interest and capacity.”
