The corn market appears to be stuck in a rut on lack of fresh news. Demand continues to be decent. Weakness in the US$ provided additional support, along with technical buying.
Closes: September at $3.55 ¼, up 4 cents, December at $3.69, up 4 cents, July at $3.92, up 3 ¼ cents.
Most months finished the week above their respective 20-Day MA’s.
The crop basically looks good, but there are ideas that we have lost yield potential from the FH July heat across the Midwest and that recent rains events have left some dry spots.
Soybeans: up 3 @ $7.82
The soybean market traded both sides, closing cautiously higher by the close as the trade rift with China lingers on.Losses were limited on demand from other players in the world market. Technical buying and a weaker US$ provided support as well.
Closes: August at $8.49 ¾, up 3 ¾ cents, November at $8.64 ¾, up 3 ¼ cents, July at $9.01, up 2 ½ cents and red November at $8.95 ¼, up 2 ¼ cents.
Most months finished the week trapped between their respective 10 & 20-Day MA’s.
The products finished mixed with meal down 1-2 bucks and oil up 39 points.
Crop conditions are expected to be 1-2% lower in Monday’s conditions report.
Forecasts call for moderate temperatures across the Midwest next week with scattered showers.