Corn, soybean markets fall sharply

On Thursday, the CME Group's farm markets closed lower.

At the close, the July corn futures settled 11¢ lower at $6.53. New crop September futures finished 1 3/4¢ lower at $5.49 1/4. December corn futures closed 1/2¢ higher at $5.36.

 July soybean futures closed 13¢ lower at $13.71.

August soybean futures settled 12¢ lower at $13.34. New crop November soybean futures finished 8 1/2¢ lower at $12.91.

Sept. wheat futures closed 11 3/4¢ lower at $6.52.

Aug. soymeal futures closed $8.60 per short ton lower at $345.90.

July soy oil futures finished $0.60 higher at 61.27¢ per pound.

In the outside markets, the NYMEX crude oil market is +0.11 higher (+0.15%) at $73.19. The U.S. dollar is lower, and the Dow Jones Industrials are 337 points higher (+1.00%) at 34,211 points.

Jack Scoville, PRICE Futures Group, says that soybeans and wheat are under pressure due to reduced export sales and the weather.

"Forecasts calling for good rains in the Midwest and OK harvest conditions in the Great Plains.  Minneapolis holding better as dry weather continues in the northern Plains and into Canada.  Not sure why corn is up but it had gotten oversold and the crop is still far from made.  Same for beans, they are getting oversold and the crop is far from made, but the beans cash market seems weaker and the corn cash market seems firm," Scoville says.