Chicago Grains: Corn, Wheat and Soybean
Corn futures benefited from light short-covering to wrap up the week, and the market ended near session highs with gains of roughly 5 to 7 cents. Futures posted slight losses for the week. USDA’s Crop Progress and Condition update Monday likely will reflect more deterioration and accelerated development with the Corn crop that could encourage light followthrough short-covering to start the week, but then attention will shift to Thursday’s Crop Production and Supply & Demand Reports
Wheat futures closed the week with modest corrective gains. Wheat futures posted slight losses on the week. Wheat will continue to turn to the Corn market for price direction. Unless Corn finds sustained Short-covering interest or gets a Bullish report from USDA Thursday, the Northside is limited, and therefore, so is the upside for Wheat futures.
Sept Soybean ended 14 cents higher today, while the Nov and Jancontracts were 1/4 and 1 cent higher, respectively, farther-deferred futures were weaker. On the week, Nov Beans posted slight gains on highly volatile trade. Weather will remain a focal point for Soybean traders next week as much above-normal temps and limited rainfall is expected across the western Corn Belt, while cooler and wetter conditions are anticipated in the far eastern Corn Belt.
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