Corn falls 8¢ per bushel Tuesday.
DES MOINES, Iowa -- On Tuesday, the CME Group’s farm markets extend week’s losses....MUCH MORE
At midsession, the Sep. corn futures are 7 1/4¢ lower at $4.33. Dec. corn futures are 7 1/4¢ lower at $4.39 1/4.
Aug. soybean futures are 11 3/4¢ lower at $8.90 3/4. November soybean futures are 12 1/2¢ lower at $9.07.
Sep. wheat futures are 2¢ lower at $5.05 3/4.
August soymeal futures are $3.30 per short ton lower at $308.30. August soy oil futures are $0.19 lower at 28.09¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.03 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 5 points higher.
Al Kluis, Kluis Advisors, says investors will largely be watching how widespread the hot and sticky weather will cause crop ratings to drop.
“The GFS weather model on Monday changed to show less heat and for only five days in about 30% of the central Corn Belt,” Kluis told customers in a daily note.
Kluis added, “The U.S. soybean crop is in more trouble than the U.S. corn crop. In its weekly Crop Progress Report on Monday, the USDA noted that the U.S. corn crop conditions improved by 1% with 58% rated good to excellent, soybean ratings were also increased by 1% to 54% good to excellent ratings. Five percent (4 million acres) of soybeans have not yet emerged.” ...
