Grain Markets saw selling pressure come into the market this afternoon with wheat and corn leading the way to the downside while soybeans (despite finishing well off the highs) were little changed.
May Corn: -7 1/2 to settle at 433 3/4
July Corn: -7 1/4 to settle at 446 1/4
December Corn: -5 1/4 to settle at 467 3/4
Corn futures stalled out against technical resistance over the last several trading sessions which may have sparked some selling pressure on following a few different headlines. One of those headlines being a private acreage survey that showed corn acres at 93.47 million. On top of that, there were some areas in Iowa that got some scattered showers, though not enough to cure the current drought conditions. Check out the updated drought maps here!
May Soybeans: -1 1/2 to settle at 1195 1/4
July Soybeans: – 1/2 to settle at 1209 3/4
November: Up 1 cent to settle at 1187
Soybeans made a new high for the move in the early morning trade but reversed to finish roughly 22 cents off the high. With that said, prices are still little changed in the previous two sessions. Considering the market rallied nearly $1.00 from the recent lows, the wide-ranging consolidation is viewed as healthy for the market.
May Chicago Wheat: -12 to settle at 532 1/4
July Chicago Wheat: -11 to settle at 547 1/4
May KC Wheat: -12 3/4 to settle at 574 3/4
July KC Wheat: -11 1/2 to settle at 568
May Spring Wheat: -8 1/4 to settle at 655 1/4
July Spring Wheat: -7 to settle at 660 1/2
Wheat futures were lower across the board with the front month Chicago and KC contract leading the way. Poor demand and cancellations have been the headlines over the last week and could continue to act as a headwind for prices in what is seasonally a weaker time of year.
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