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Weather pressure weighs on grains
An ag economist with Allendale says it’s been a rough stretch for the grain markets.
Greg McBride tells Brownfield, “We’re seeing continued selling into the grains and the oilseeds. It’s not necessarily the bean oil, which has made new contract highs here recently. This is more of the beans, corn and wheat.”
He says a lot of the downward movement is weather-based.
“We continue to see beneficial rains across the Midwest,” McBride said. “We’ve planted at a very good clip. We’re ahead of the five-year average across the board. Corn is pretty well done planting.”
At Friday’s close, July corn was $4.17 and a half, and July soybeans were at $11.21 and a half.
“Now we’re starting to see that fund liquidation play into this market.”
McBride notes that corn demand, overall, has been strong.
Greg McBride:
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