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Soybean prices close higher, corn reverses lower | Friday, July 2, 2021

New-crop corn contract has biggest weekly gain in 10 years.

On Friday, the CME Group’s farm markets lean on the soybean complex to add to this week's gains.

At the close, the Sept. corn futures finished 9¾¢ lower at $5.92. New-crop Dec. futures closed 9¼¢ lower at $5.79¾. March corn futures settled 8½¢ lower at $5.86. 
August soybean futures closed 3½¢ higher at $14.33. 

Sept. soybean futures finished 3¼¢ higher at $14.08. New-crop November soybean futures ended 3¼¢ higher at $13.99.

Sept. wheat futures closed 12¼¢ lower at $6.52¼. 

Aug. soymeal futures finished $1.90 per short ton lower at $381.50.

Aug. soy oil futures finished 0.82¢ higher at 63.47¢ per pound.

In the outside markets, the NYMEX crude oil market is -0.26 lower (-0.35%) at $74.97. The U.S. dollar is lower, and the Dow Jones Industrials are 159 points higher (+0.46%) at 34,794 points.

Bob Linneman, Kluis Advisors, says that investors will be watching weekend weather forecasts. 

“It will be worth noting where prices end today, as many traders watch the charts and are looking for signs that the momentum is slowing. Weather forecasts over the weekend will be very important as current forecasts are showing rainfall in dry areas of western Corn Belt. Watch for any export sales announcements now that prices have rebounded.” Linneman asks in a note to customers, “Will the return to higher prices slow down demand?”  

He adds, “Will traders take profits ahead of the long holiday weekend? Historically, the first week of July is a time when we see prices etch standout highs. If the noon weather forecasts are suggesting widespread rain events for next week, it should not surprise us to see prices slide today.”

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