Profit-taking tumbles grains Friday
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
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