Corn, soybean markets close lower | Friday, July 30, 2021
On Friday, the CME Group’s farm markets finish the month of July on a bearish note.
At the close, the Sept. corn futures finished 11¢ lower at $5.47. New-crop Dec. futures ended 11¼¢ lower at $5.45. March corn futures settled 11¢ lower at $5.53½.
Sept. soybean futures closed 29¾¢ lower at $13.55¾.
Nov. soybean futures closed 28½¢ lower at $13.49. January soybean futures ended 27¾¢ lower at $13.54¼.
Sept. wheat futures closed 1½¢ lower at $7.03¾.
Sept. soymeal futures closed $5.20 per short ton lower at $351.30.
Sep. soy oil futures ended 1.80¢ lower at 64.42¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.21 higher (+0.29%) at $73.83. The U.S. dollar is higher, and the Dow Jones Industrials are 112 points lower (-0.32%) at 34,971 points.
Bob Linneman, Kluis Advisors, says welcome to the final trading day of July.
“December Corn looks to close out the month in the middle of a $1.04 range and roughly 80¢ off the contract high hit in May. November soybeans will also close out July in the middle of a $1.23 range and nearly $1.10 off the contract high scored in June. At first glance, this might sound fairly negative. However, prices are still trading at $5.55 for corn and $13.75 for soybeans. With average yields, those prices should equate to profitable levels. Just because prices have consolidated over the past two weeks does not mean we should get complacent with these prices being the new normal. Protect profitable prices when you can – not when you have to,” Linneman stated in a note to customers.
Linneman added, “The daily export sales report yesterday showed a 132,000-metric-ton sale of soybeans to unknown destinations. Rumors this week were for sizable corn sales to have taken place. Although any sale is encouraging, two cargo ships of soybeans is unlikely to be enough to feed the bull story for long. They will need more news soon.”