Corn, soybean markets fall on weather | Friday, July 23, 2021
On Friday, a bearish weather forecast has the CME Group’s farm markets trading lower.
At the close, the Sept. corn futures finished 17¼¢ lower at $5.47¼. New-crop Dec. futures finished 18¼¢ lower at $5.43. March corn futures ended 17¾¢ lower at $5.51.
August soybean futures ended 15¼¢ lower at $14.01.
Sept. soybean futures settled 13¼¢ lower at $13.55¾. New-crop November soybean futures ended 10¼¢ lower at $13.51¾.
Sept. wheat futures closed 8¼¢ lower at $6.84.
Aug. soymeal futures closed $9.60 per short ton lower at $353.60.
Sep. soy oil futures ended 0.87¢ higher at 64.40¢ per pound.
In the outside markets, the NYMEX crude oil market is 0.13 higher (+0.18%) at $72.04. The U.S. dollar is lower, and the Dow Jones Industrials are 198 points higher (+0.57%) at 35,022 points.
On Friday, private exporters reported to the USDA export sales of 100,000 metric tons of soybeans for delivery to Mexico during the 2021/2022 marketing year.
The marketing year for soybeans began Sept. 1.
Al Kluis, Kluis Advisors, says that investors are keeping a close eye on every updated forecast.
“The weather forecasts changed overnight. The heat is not staying around as long, and there’s a good chance of rain in Minnesota and the Dakotas in the extended models in early August. Also, the 30-day August forecast is now for seasonal temps and above-normal moisture in all of the Corn Belt,” Kluis stated in a note to customers.
Kluis added, “The grain markets may be setting up for a late-month low again in July. If you look at the days when the corn and soybean markets have bottomed each month, then you see the markets have consistently put in a low between day 25 and day 31. This pattern has been in place since January.”