(Agriculture.com) – Corn and soybean futures closed lower on Friday amid reports that the hot, dry weather in the long-term forecast may not be as bad as originally expected.
Temperatures likely still we be in the triple digits in parts of South Dakota, Nebraska, Kansas and Missouri and in the 90s in parts of Iowa and Illinois next week, but it won’t last as long as previously forecast, Commodity Weather Group said in a report today.
“This (hot, dry weather) is both delayed and more short-lived compared to yesterday’s outlook, with a slight easing in the 11- to 15-day allowing highs to dip back into mostly the upper 80s to low 90s in all but the far southwest Midwest,” CWG said. “While some stress will occur in about 20% of the Midwest (hottest areas in far west and driest areas in northeast), the favorable moisture supplies will limit impacts elsewhere. In addition, both the six- to 10- and 11- to 15-day (outlooks) show better chances for a few scattered thundershowers in the central (and) southeast Midwest.”
December corn futures fell 6 1/2¢ to $3.58 1/4 a bushel on the Chicago Board of Trade.
Soybean futures for November delivery declined 6 1/4¢ to $10.56 a bushel. Soymeal for December delivery dropped $2.60 to $365.60 a short ton, and soy oil futures added 0.18¢ to 31.37 cents a pound.
Chicago wheat futures for September lost 8 1/2¢ to $4.25 1/2 a bushel, while Kansas City wheat lost 3 1/2¢ to $4.14 1/4 a bushel.
On Friday, private exporters reported to the U.S. Department of Agriculture export sales of 320,000 metric tons of soybeans for delivery to unknown destinations during the 2016-17 marketing year that starts on Sept. 1.
