Chicago Close: Corn, Soys End Week with Small Gains

Corn and soybean futures managed small gains to end of the week, while wheat was also modestly higher.

Corn got a small lift as the USDA announced a private export sale of 114,300 tonnes of corn to Mexico for 2020-21 delivery this morning. The USDA also announced a massive corn sale to China on Thursday but good weather in the American Midwest – and potential for a large US crop this fall – has kept gains in check. Showers and thunderstorms were moving across southern corn and soybean production areas today, mainly from Missouri into the Ohio Valley. Meanwhile, cool, dry weather for the remainder of the Midwest was favouring reproductive to filling crops. September corn was up a ¼ cent to $3.16 and December was a ¼ cent higher to $3.27.

Export demand has also been solid for soybeans, with new-crop soybean this week reported at a huge 3.34 million tonnes. However, as with corn, the prospect of a bumper crop this fall is limiting the market’s advances. August soybeans gained 5 ¾ cents to $8.97 ½ and November was up 4 ¼ cents to $8.92 ½.

For wheat, BAGE lowered its new-crop wheat production forecast for Argentina by 300,000 tonnes to 6.8 million, citing continued dryness and recent frost damage. September Chicago wheat gained 1 ¾ cents to $5.31 ¼, September Kansas City added 2 ½ cents to $4.42 ½ and September Minneapolis was a penny higher at $5.14.

Live cattle and lean hogs were both higher today.

Source: DePutter Publishing Ltd.

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