Chicago Close: Mixed Day for Crops but Futures, Still Up From Recent Lows

Crop futures were mixed on Friday, ending a wild week on a relatively quiet note. Corn was slightly higher, soybeans and wheat slightly lower in pre-weekend trade.

The overall direction of these markets remains highly dependent on ever-shifting US weather and ideas about yields heading into the USDA monthly crop report due on Aug. 12.

The midday weather forecast indicated less rain and heat in the Midwest for both the 1 to 5 and 6 to 10-day periods, with temperatures much cooler in the 6 to 15-day timeframe. Although this shift seems generally bearish for prices, traders will likely wait to see how things look Sunday night, before placing big bets on where futures are headed next.

September corn gained 8 cents at $6.10 1/4 and December added 3 3/4 at $6.10.

The August soybean future dipped 1/4 cent to $16.14 3/4 and November was down 9 cents at $14.08 3/4.

September Chicago wheat eased 6 3/4 cents to $7.75 3/4 and September Kansas City was down 12 at $8.48 1/4. September Minneapolis spring wheat fell 6 3/4 cents to $8.87 1/2.

Source: DePutter Publishing Ltd.

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