Corn, wheat, and soybean futures all ended Friday on a down note.
Seasonal harvest pressure continued to weigh on wheat today as did forecasts for showers in the dry areas of eastern Ukraine and Russia’s Southern Region. Partial relief is expected for the Black Sea region crops, although longer-term outlooks suggest the return of dryness in late June and early July. US dollar strength added to the downside in wheat. July Chicago wheat fell 7 ¼ cents to $6.12 ¾, July Kansas City lost 9 ¼ cents to $6.27 ½, and July Minneapolis dropped 11 ½ cents to $6.55 ½.
Corn and soybean futures both weakened in profit taking following the previous day’s gains. However, variable Midwest weather forecasts are keeping plenty of caution in the market. The southern and eastern Midwest is expected to see warming temperatures and little precipitation over the next 10 days, resulting in some drying. However, plenty of rain is expected for the northern Midwest, likely resulting in some fieldwork delays.
July corn was down 8 ½ cents at $4.50, and December closed 5 ¾ cents lower at $4.70 ¼. July beans lost 9 ¾ cents to $11.79 ¾, and November ended with a 10 ½-cent loss to $11.49 ¾.
