A more benign Midwest weather forecast helped to send Chicago crop futures heavily lower on Friday.
Soybeans saw the sharpest losses on the day as weather outlooks now show less heat and the potential for more rain for the early August period. Futures moved higher earlier this week on the initial hotter, drier forecast and worries that crop yields could be dented by the unfavourable conditions. Profit taking also undermined the market today. August beans tumbled 38 ½ cents to $10.77 ½, and November was down 31 cents at $10.48 ½.
The less-threatening forecast also helped to send corn lower, as did a bout of profit taking. September fell 11 ½ cents to $3.94 ½, and December ended 10 ¾ cents lower at $4.10.
An upward revision in the Russia wheat production forecast weighed on wheat today, along with continued pressure from an annual crop tour’s findings of record spring wheat yield potential in North Dakota this year. Russian agricultural consultancy Sovecon raised its forecast for Russia's 2024 wheat crop to 84.7 million tonnes, up from its previous estimate of 84.2 million. September Chicago wheat was down 14 ¼ cents at $5.23 ½, September Kansas City lost 16 cents to $5.45 ½, and September Minneapolis ended 15 ¼ cents lower at $5.88 ½.
