Corn futures closed weaker on light fund selling on month end. The nearby chart showed a weekly lower close, as today’s trade erased all the prior weekly gain. December corn gained 2 ¼ cents for the week but lost 43 ¼ cents for the month. Rain on the screen today, moving across South Dakota and Minnesota, was seen as a negative to prices today. The cooler air that is moving across the Midwest over the next few days is seen as beneficial to crop conditions, even in areas that have had less than ideal rainfall. Warmer conditions, however, are expected to move into the west again towards the middle of August. The commitment of traders’ report will be out this afternoon. Crop condition ratings on Monday afternoon are expected to be steady to 2 points lower in the good to excellent category. Argentina is 81% done on corn harvest. Cold temps were seen again in Brazil this week. Wheat futures closed mixed today. The North Dakota wheat tour concluded yesterday. The tour concluded a state yield for spring wheat at 29.1 bpa. This compares to 49 bpa last year. The USDA will issue its August crop report on the 12th. An updated production number is expected for corn. The USDA will not do a ground survey for August but will incorporate a farmer survey and some satellite imagery. It is expected that corn yield will come down slightly from the current 179.5 bpa. Next week brings more weather talk and more preparation talk for the crop report.
Soybean futures finished sharply lower as the November bean contract rejected the $13.80 mark today. General fund liquidation was seen today on month end, but volume was light overall. The weekly chart shows a gain of 13 ¾ for the week for the nearby bean contract. November beans lost 2 ½ cents for the week and lost 49 ¾ cents for the month. Rain through parts of the northern corn belt were given as an initial reason for the weakness. Light rains fell in South Dakota, and parts of Minnesota and Iowa this morning. The totals were not heavy, but all moisture counts in those areas. Rain chances increase tonight and tomorrow through areas east of there as the cool front is officially ushered in. Warm temps are expected to return in a couple of weeks. The USDA will update bean yield on the report on the 13th. Being that it is still August, no big changes are expected. Chicago bean oil closed sharply lower. China has slowed their appetite of U.S. recently and the demand bean bull is getting impatient.