Home / News / Crops news / Profit-taking tumbles grains Friday

Profit-taking tumbles grains Friday

07/06/2012 @ 3:18pm

US grain and soy futures close lower Friday, as market participants take profits following sharp gains in the last two weeks that drove front-month corn and soybeans close to all-time high levels.

Traders are still highly concerned about worsening drought conditions in the Midwest that could damage corn and soybean crops, but some also exit positions to reduce risk ahead of the weekend, when weather forecasts can shift and change expectations for the crop.

Outside markets also add pressure, with the dollar much stronger Friday. CBOT July corn falls 24 3/4c to close at $7.43 1/4 a bushel, July soybeans fall 6 3/4c to $16.19 3/4, and CBOT July wheat falls 31 1/4c to $7.91 1/4.

(END) Dow Jones Newswires
July 06, 2012 15:48 ET (19:48 GMT)
DJ MARKET TALK: US Grain, Soy Futures Close Lower On Profit-Taking->copyright

The latest market analysis & discussion

CancelPost Comment

USDA: Reporting Hog Deaths Required By: 04/18/2014 @ 10:45am The U.S. Department of Agriculture said Friday it will require the pork industry to report…

Wheat Futures Rise as Cold, Drought Threaten… By: 04/17/2014 @ 3:51pm Wheat futures rose for the third time in four sessions on speculation that cold weather earlier…

Ukraine Upheaval Sparks Business Concerns By: 04/17/2014 @ 1:22pm Escalating military action and sanctions are forcing executives around the globe to map out…

This container should display a .swf file. If not, you may need to upgrade your Flash player.
Big Picture: CME Trading Weather