The July soybean contract closes $1.15 below week's high | Friday, June 11, 2021
On Friday, the CME Group's farm markets fall.
At the close, the July corn futures finished 14 1/2¢ lower at $6.84. New crop September futures closed 8 1/2¢ lower at $6.29 1/4. December corn futures finished 6 3/4¢ lower at $6.09 1/2.
July soybean futures closed 35 1/2¢ lower at $15.08 1/2. After hitting a high of $16.23, on Monday, this contract has had a $1.15¢ range, this week, dropping to a low of $15.08.
August soybean futures closed 27 1/2¢ lower at $14.82 1/2. New crop November soybean futures settled 20 1/2¢ lower at $14.38 1/4.
July wheat futures closed 3¢ lower at $6.80 1/4.
July soymeal futures closed $1.70 per short ton higher at $383.30.
July soy oil futures finished $3.48 lower at 66.98¢ per pound.
In the outside markets, the NYMEX crude oil market is +0.70 higher (+1.00%) at $70.99. The U.S. dollar is higher, and the Dow Jones Industrials are 32 points lower (-0.99%) at 34,434 points.
Al Kluis, Kluis Advisors, says that weather concerns are dominating price direction.
“The Thursday drought map for the U.S. shows dry conditions spreading (and in some cases intensifying) across northern plains. Will this trend continue? Or will the forecast rains over the next few days help slow this worrisome trend? With the June monthly USDA report out of the way, traders will start to prepare for the month-end "Acreage" report. Based on survey estimates that have been done by multiple firms across the industry, acres are likely to increase for both corn and soybeans compared to the March "Prospective Plantings" report," Kluis stated in a note to customers.
Kluis added, "The USDA report on Thursday included a few surprises for traders. Old crop and new crop soybean carry-out increased more than pre-report estimates. Corn carryout decreased by 150 million bushels for both old and new crop. That was a friendly surprise for traders. Brazil corn production was slightly higher than traders were expecting and was higher than what Brazilian CONAB (their USDA equivalent) published as well. Traders expect to see the total production for Brazil to decline in upcoming reports."