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Grains, Beans Closed Mixed Friday Ahead of Labor Day Weekend
Corn was lower and soybeans closed higher on Friday as investors likely don't want to shift positions ahead of the long weekend.
Corn futures declined after yesterday’s month-end rally as traders closed their long contracts and booked profits.
Yield and production uncertainty has left some investors and hedgers on the sidelines or squaring positions before the long Labor Day weekend. The weather so far this growing season has been variable with some parts of the Corn Belt receiving ample rainfall and others staying dry.
Recent rains in the northern Plains may have helped crops that lacked moisture.
The USDA earlier this month pegged the corn crop at 14.153 billion bushels on yields of 169.5 bushels an acre and soybean production at 4.381 billion bushels with yields of 49.4 bushels an acre. Last week, however, the Farm Journal Crop Tour put corn output at 13.953 billion bushels on yields of 167.1 bushels an acre. The U.S. soybean crop was pegged at 4.331 billion bushels with yields at 48.5 bushels an acre.
With such uncertainty, it’s likely traders will stand fast instead of buying or selling contracts, analysts said on Friday.
Corn futures for December delivery fell 3¢ to $3.54¾ a bushel on the Chicago Board of Trade.
Soybean futures for November delivery rose 5¢ to $9.50¼ a bushel. Soy meal was down 90¢ to $298.60 a short ton, and soy oil rose 0.68¢ to 35.74¢ a pound.
Wheat futures closed higher to end the week after Statistics Canada yesterday said its crop would be the smallest in six years. The government forecast the wheat crop at 25.5 million metric tons, down 20% from a year earlier and missing trade estimates for 26.2 million tons.
Wheat futures for December delivery rose 5¼¢ to $4.39¾ a bushel, and Kansas City futures gained 3½¢ to $4.39¾ a bushel.