Soybeans close 38¢ higher | Wednesday, July 14, 2021

Corn condition ratings could drop next week, analyst says.

On Wednesday, the CME Group’s farm markets run higher, as investors eye dry weather forecasts.

At the close, the Sept. corn futures finished 17¼¢ higher at $5.68¼. New-crop Dec. futures ended 18¢ higher at $5.58½. March corn futures closed 17¾¢ higher at $5.66½.

August soybean futures settled 38¼¢ higher at $14.53½.

Sept. soybean futures closed 34¾¢ higher at $13.94. New-crop November soybean futures finished 31½¢ higher at $13.83¼.

Sept. wheat futures closed 20¾¢ higher at $6.54¾.

Aug. soymeal futures settled $12.20 per short ton higher at $368.70.

Aug. soy oil futures closed 0.68¢ higher at 66.22¢ per pound.

In the outside markets, the NYMEX crude oil market is 2.15 lower (-2.86%) at $73.10. The U.S. dollar is lower, and the Dow Jones Industrials are 59 points higher (+0.17%) at 34,947 points.

Al Kluis, Kluis Advisors, says that the focus is again on the weather.

“Some very beneficial rain is forecast to move across the northern Corn Belt Wednesday night into Thursday. That is viewed as negative for price. However, now the forecasts for early next week have turned hot again for most of the western and northern Corn Belt,” Kluis stated in a note to customers.

Kluis added, “The USDA crop conditions report suggests a national corn yield of about 177 bushels per acre. This is a weekly snapshot of where I think the yield is now based on current conditions. If the six- to 10- and 11- to 15-day forecast is correct and a ridge sets up, then corn conditions will move lower into the end of July. Hot and dry conditions in late July may also have a negative impact on soybean yields, especially if that weather pattern continues into August.”

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Tags: corn, soybeans, wheat, CME Group's farm markets, soy oil, futures