Chicago Close: Lower to End Week and Month

Corn, wheat and soybean futures all closed lower to end the week and the month.

Corn and soybean futures both declined amid forecasts calling for generally cooler Midwest weather next week, which should benefit crop development and yield potential – especially soybeans which enter their key yield-determining phase in August. A stronger American dollar, which makes US grain appear more expensive, and thus less attractive, to international buyers added to the downside.

September corn fell 11 cents to $5.47 and December lost 11 ¼ cents to $5.45 ¼. August beans were down 19 ½ cents at $14.14 ¾ and November closed down 28 ½ cents at $13.49 ¼.

Wheat was pressured by profit taking following gains this week on poor spring wheat yield potential across the US northern Plains. The advancing European harvest pressured as well. September Chicago wheat eased 1 ½ cents to $7.03 ¾, September Kansas City lost 1 ¼ cents to $6.73 ¼ and September Minneapolis dropped 13 ¾ cents to $9.04 ¾.

Source: DePutter Publishing Ltd.

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