Jul 02, 2021

Corn and beans traded either side of unchanged evenly in 20-25 cent ranges and go into the holiday weekend predictably lower with lighter volume and profit taking after Wednesday's big move higher.  Soybeans were supported solely by the soyoil trade today.  Also adding some pressure to the market was some new light showers scattered across the grain belt in the 7-10 day forecast, meaning a big national yield is still possible.  Seasonally, we would expect markets to start downtrending after the 4th and into harvest but with a fairly tight old crop inventory and a dry western corn belt, markets have more underlying support than they normally would this time of year.  All around a really light news day with a lot of the traders out of the game for the week.  Weekly closes: cash corn 60 cents higher, new crop corn up 65 cents, cash soybeans $1.21/bu higher, new crop soybeans up $1.35/bu.  Everyone have a safe and fun 4th of July weekend and we will chat again next week!  Happy Birthday, America!

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