CME: Corn, Soybean Futures Down on Monday

By CnAgri2012-10-09 19:58:23 Print

December Corn finished down 6 at $7.42, 6 off the high and 2 up from the low. March Corn closed down 6 1/2 at $7.42. This was 1 3/4 up from the low and 6 1/4 off the high. December corn ended the day slightly lower in what was a low volume session and the weaker trade was linked to profit taking ahead of this Thursday's USDA report.

Marginal support was seen from a higher wheat market but this was largely offset by a surging U.S. Dollar and weaker soybean market.

Weekend rainfall was extensive in growing regions of Argentina which should benefit early planted corn. Argentina's government believes that 4.97 million hectares of corn will be planted this year vs. 5 million in 2011/12.

The weather outlook also included better rainfall for central Brazil by this weekend and again in the 11-15 day forecast.

This should benefit dry areas in Brazil and early planted corn. The US forecast looks favorable for harvest progress with showers limited to the southern plains later this week and the trade believes corn harvest is close to 70 per cent complete.

Meanwhile, November Soybeans finished down 1/2 at $15.51, 10 off the high and 13 1/2 up from the low. January Soybeans closed down 3 at $15.48. This was 12 3/4 up from the low and 11 off the high.

December Soymeal closed up 1.4 at 472.6. This was 6.8 up from the low and 1.5 off the high. December Soybean Oil finished down 0.26 at 50.93, 0.62 off the high and 0.08 up from the low.

November soybeans traded slightly lower into the close while the March 2013 contract saw double digit losses. Soybean oil ended the day lower but soybean meal was able to rally at the closing bell to close in positive territory.