(Agriculture.com) – On Wednesday, the CME Group’s corn, soybean, and wheat markets fall.
At the close, the Sept. corn futures finished 1/2 of a cent higher at $4.22 1/2 per bushel. The Dec corn futures finished 1/4 of a cent higher at $4.31 3/4 per bushel.
Aug. soybean futures finished 8 3/4 cents lower at $10.40 3/4. Nov. soybean futures closed 7 3/4 cents lower at $10.29 1/2.
Sept. wheat futures finished 27 1/4 cents lower at $5.88 1/2.
Aug. soymeal futures closed $0.30 per short ton higher at $352.20. Aug. soyoil futures ended $0.52 lower at $33.13.
In the outside markets, the Brent Crude oil market is $1.69 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 97 points higher.
Jacob Burks, WedBush Futures Inc. grain analyst, says wheat is doing today what it wanted to do yesterday.
“The USDA report, yesterday, wasn’t “that” bullish. End of month, quarter selling fueled funds to buy 85,000 corn and 45,000 beans. That’s a lot! Producers immediately turned that move into a weather move. It may be justified but only time will tell. I feel today is a correction from yesterday’s overdone rally. Wheat was reluctant to follow yesterday and is now leading the way,” Burks says.
Matt Pierce, Futures International LLC floor trader, says that markets are weaker due to the reality of a large grains crop overall weighing on wheat. “Technical reversal in wheat and knowledge that the short is all but gone. Corn and beans are being weighed on by the USD and changes in open interest which showed massive put buying against yesterday’s rally. The crop got ahead of itself on month-end and with new month money coming in there is new incentive to the downside,” Pierce says.
