New crop corn closed at $5.51 even in September and $5.98 in July. Beans were down on Friday with some apparent profit-taking, but have priced a lot of the drought information into the trade. July soybeans settled at $14.26 ¼. Furthering along the weather concerns was the forecast put out by Lanworth which called for corn production at 13.645 billion bushels vs. USDA forecasts for 14.790 billion bushels. Lanworth further estimated bean production at 3.019 billion bushels vs. USDA estimates for 3.205 billion bushels.
We look for corn to open 4 to 6 cents lower and for beans to open 8 to 11 higher.
Daily CME spot market prices:
Block cheese: $1.615 (down 3.5 cents)
Barrel cheese $1.5225 (unchanged)
Butter: $1.4175 (up 0.75 cent)
Grade A NFDM: $1.21 (up 2 cents)
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