Farm markets remain mixed
DES MOINES, Iowa (Agriculture.com)--On Friday, trading mostly lower, the CME Group corn, soybean and wheat markets are taking a breather, one analyst says.
At mid-session, the July futures corn contract is trading 2 cents higher at $6.64. New-crop Dec. futures trade 1 cents lower at $5.33. The July soybean futures contract is trading 14 cents lower at $14.85, new-crop Nov. soybeans trade 2 cents higher at $12.44. July wheat futures are trading 3 cents lower at $7.00 per bushel. The July soymeal futures are trading $3.60 per short ton lower at $433.40. The July soyoil futures are trading $0.25 lower at $49.41.
In the outside markets, the NYMEX crude oil is $0.84 per barrel lower, the dollar is higher and the Dow Jones Industrials are 28 points lower.
Ken Smithmier, The Hightower Report grain analyst, tells Agriculture.com that the farm markets are taking a breather ahead of the holiday weekend, following the volatile action from Thursday.
"New crop soybeans remain well supported from a fundamental perspective, while new crop corn continues to trade in a choppy range as the market digests the weather outlook over the next week against favorable soil moisture conditions for a large portion of the Corn Belt," Smithmier says.
The market has already trimmed the USDA corn planted acreage estimate, he says. "So, I believe weather from here on out trumps concerns on the remaining acreage left to be planted."