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Corn Ends Slightly Higher Friday

Brazil's bigger crop pressures soybean market

DES MOINES, Iowa --On Friday, the CME Group’s farm markets end mixed.

At the close, the July corn futures settled 1/4¢ lower at $3.69, while December futures finished 1 1/2¢ higher at $3.88 3/4.

July soybean futures finished 3 1/4¢ lower at $9.63, November soybean futures finished 4 1/4¢ lower at $9.59 3/4.

July wheat futures closed 1¢ lower at $4.32 3/4.

July soy meal futures finished $1.60 per short ton lower at $313.30. July soy oil futures closed $0.35 higher at 32.84¢ per pound. 

In the outside markets, the Brent crude oil market is $0.13 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 38 points lower.

Jason Roose, U.S. Commodities grain analyst, says that the corn market is cutting losses.

"Even though there is a large supply of old corn inventories, corn is finding support with the delay in planting for the last 2-4 mln acres ,due to a wet weather forecast," Roose says.


Thursday’s Grain Market Review

Corn futures closed lower on Thursday as investors who made money on yesterday’s gains sold contracts and booked profits.

Prices rose on Wednesday after the U.S. Department of Agriculture said U.S. inventories at the end of the marketing year on May 31 would total 2.29 billion bushels, missing estimates for 2.33 billion bushels. Wheat stockpiles were pegged at 1.15 billion bushels, missing forecasts for a total of 1.16 billion bushels. 

After prices rose 2% yesterday, investors who’d made money on the market are likely selling to take profits, analysts said. 

Futures also dropped after the Conab, Brazil’s agricultural statistics agency, said this morning that corn output in the country should reach 92.8 million metric tons, up from 91.5 million projected a month ago. Soybean output is forecast at 113 million tons, up from 110.2 million in April. 

Weather forecasts are also calling for rain to stop for a few days, giving growers a chance to accelerate planting next week. As much as six times the normal amount of rain has fallen in the past two weeks in much of Illinois and Indiana, keeping producers out of fields. Drier weather should allow the pace of planting to improve, analysts said. 

Corn futures for July delivery fell 4½¢ to $3.69¼ a bushel on the Chicago Board of Trade. 

Soybeans lost¾¢ to $9.65½ a bushel in Chicago. Soy meal declined $3.40 to $314.30 a short ton, and soy oil added 0.24¢ to 32.52¢ a pound.

Wheat futures bucked the trend and rose on concerns about damage to the Kansas crop from a snowstorm the last weekend of April. The heavy snow likely snapped plants that had been heading, according to participants on last week’s Kansas Wheat Tour. 

Wheat for July delivery rose 2½¢ to $4.34¼ a bushel, and Kansas City futures added 2¢ to $4.41¼ a bushel. 

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