CORN, SOYBEANS CLOSE LOWER WEDNESDAY

WHEAT IS FOLLOWING THEM DOWN.

DES MOINES, Iowa - Despite huge fresh sales announced Wednesday, the trade is eyeing Friday’s USDA Quarterly Grain Stocks Report, as the markets closed lower.

At the close, the December corn futures finished 2½¢ lower at $3.29, and March futures finished 2¾¢ lower at $3.39 per bushel.

November soybean futures ended 7¢ lower at $9.45½; January soybean futures closed 6¾¢ lower at $9.52.

December wheat futures closed ¾¢ lower at $4.03¼.

December soy meal futures settled $0.20 short ton lower at $299.40. December soy oil futures closed 0.46¢ lower at 32.89¢ per pound.

In the outside markets, the Brent crude oil market is $2.15 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 105 points higher.

Jack Scoville, The PRICE Futures Group senior market analyst, says that the market was lower, trumped with big production ideas creating some selling interest vs. the big demand, especially in the corn, providing the buying interest.

“Volumes have not been all that super, at least in this office. People are also looking ahead to the reports on Friday and using this as an excuse not to do too much,” Scoville says.

Harvest is moving ahead, except in the northern Corn Belt, where flooding is still an issue, he says.

“Still all sorts of indications that USDA has overestimated the corn crop, although it is still a good one, and some differing yields starting to show up in the beans here in Illinois, although that crop is big, too,” Scoville says.

He adds, “Not much selling by farmers as far as I can see. Not much demand from buyers, either. Mostly a spec trade.”

Private exporters reported to the U.S. Department of Agriculture the following activity:

Export sales of 133,000 metric tons of soybeans for delivery to China during the 2016/2017 marketing year.

Export sales of 1,577,340 metric tons of corn for delivery to Mexico. Of the total, 1,036,320 metric tons is for delivery during the 2016/2017 marketing year, and 541,020 metric tons is for delivery during the 2017/2018 marketing year.

Export sales of 211,171 metric tons of soybeans for delivery to unknown destinations during the 2016/2017 marketing year.

The marketing year for corn and soybeans began September 1.