Posted: Friday, August 2, 2013 3:42 pm | Updated: 4:21 pm, Fri Aug 2, 2013.
CME Group and Brugler Marketing
Cooler temperatures continuing into next week will be good for pollination but crop maturity remains behind in many regions and a warmer temperature trend would help.
Corn traded lower again Friday, continuing the trend for the week. After a high start to the morning, soybeans pushed sharply lower.
CORN: September Corn finished down 11 1/2 at 476, 13 1/4 off the high and 3/4 up from the low. December Corn closed down 3 1/4 at 463 3/4, according to the CME Group's Friday afternoon report. This was 1 1/4 up from the low and 6 off the high.
The corn market traded lower to finish the day in what was mostly a lower trend for the week. Today's losses were led by the September contract but December corn managed to make a new low for the move, according to the CME. The weaker trade in the Sept/Dec spread was attributed to reports that more old crop corn was moving in the country as farmers capture the old crop premium vs. new crop.
The US FOB basis was lower today for the OND period, perhaps on news that Southeast Asian millers were active buyers this week for the period but chose to purchase Black Sea and South American corn at a discount to the US. South Korea issued a tender midday for 140,000 tons of corn for January arrival, the CME reported.
The best chance for rainfall into this Saturday is for the central and eastern Cornbelt. Northwest Iowa and northern Illinois are not forecasted to see heavy rainfall and minor crop stress may occur. Temperatures appear cooler than normal into next week with Minneapolis hitting lows in the low-mid 50's. Highs look to be 70-80 in many Midwest growing regions, according to the CME. The cooler temperatures will be good for pollination but crop maturity remains behind in many regions and a warmer temperature trend would help.
SOYBEANS: August Soybeans finished down 26 3/4 at 1