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Grains Close Lower, Soybeans Higher to End Week Amid Uncertain Weather Forecasts

Prices End Mixed at After Fluctuating Throughout Session

Corn and wheat closed lower on Friday while soybeans ended higher after spending much of the day on either side of unchanged.

The weather is somewhat hit-and-miss right now with some areas getting ample rainfall and others missing out completely. Much of Nebraska has been dry for the past week while Iowa and Illinois have seen as much as six times the normal amount of rain, according to the National Weather Service. Precipitation fell in much of Indiana and parts of Ohio today as the remnants of Tropical Storm Cindy came up from the Gulf of Mexico, which likely will help soil moisture. 

Most of the Midwest will be dry this weekend, but temperatures will be cool, dipping into the 50s overnight and topping out in the 70s and 80s during the day, which should limit stress even in areas where rain has been scarce, analysts said. 

In the longer term, rains will likely increase in the latter half of the 16- to 30-day period, which should help crops. In the northern Plains, however, dry weather likely will expand and increase drought stress on spring wheat, according to Commodity Weather Group. 

Corn futures for July delivery fell 3¾¢ to $3.59 a bushel on the Chicago Board of Trade.

Soybeans rose 1½¢ to $9.05½ a bushel in Chicago. Soy meal closed down 10¢ to $293.70 per short ton, and soy oil gained 0.14¢ to 31.69¢ a pound.  

Wheat in Chicago closed down 2¼¢ to $4.73 a bushel while Kansas City futures lost 4½¢ to $4.81¼ a bushel. 

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