Chicago Board of Trade (CBOT) grains futures closed lower on Monday with wheat futures falling more than 1 percent, on technical selling and easing concerns that dry weather would reduce harvests.
The most active corn contract for December delivery fell 2.75 cents, or 0.75 percent, to 3.63 dollars per bushel. December wheat delivery went down 5.5 cents, or 1.24 percent to 4.37 dollars per bushel. November soybeans deopped by 1.5 cents,or 0.16 percent, to 9.3625 dollars per bushel.
CBOT brokers estimate that funds have sold 3,600 contracts of wheat, 5,600 contracts of corn, and 3,200 contracts of soybeans.
U.S. traders exported 21.43 million bushels of wheat, 27.22 million bushels of corn, and 24.44 million bushels of soybeans during last week ending August 17, according to weekly export inspections of United States Department of Agriculture.
In the outside markets, the Brent crude oil market is 0.91 dollar per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 1 point higher.
Cory Bratland, Kluis Commodities broker, says that good weather and good precipitation across mainly Iowa is pressuring prices.
"The market's feeling is that the corn yields are stabilizing and soybean yields are getting larger with the August rains," Bratland says. New-crop export sales for corn are off to a rough start, and that is adding pressure to the market. Enditem
The most active corn contract for December delivery fell 2.75 cents, or 0.75 percent, to 3.63 dollars per bushel. December wheat delivery went down 5.5 cents, or 1.24 percent to 4.37 dollars per bushel. November soybeans deopped by 1.5 cents,or 0.16 percent, to 9.3625 dollars per bushel.
CBOT brokers estimate that funds have sold 3,600 contracts of wheat, 5,600 contracts of corn, and 3,200 contracts of soybeans.
U.S. traders exported 21.43 million bushels of wheat, 27.22 million bushels of corn, and 24.44 million bushels of soybeans during last week ending August 17, according to weekly export inspections of United States Department of Agriculture.
In the outside markets, the Brent crude oil market is 0.91 dollar per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 1 point higher.
Cory Bratland, Kluis Commodities broker, says that good weather and good precipitation across mainly Iowa is pressuring prices.
"The market's feeling is that the corn yields are stabilizing and soybean yields are getting larger with the August rains," Bratland says. New-crop export sales for corn are off to a rough start, and that is adding pressure to the market. Enditem
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