July Corn Hits Contract Low at $4.17 1/2 as Grain Selloff Deepens
Updated
Updated · Pro Farmer · Jun 5
July Corn Hits Contract Low at $4.17 1/2 as Grain Selloff Deepens
3 articles · Updated · Pro Farmer · Jun 5
Summary
$4.17 1/2 July corn settled down 7 cents after hitting another contract low, capping a 29 1/4-cent weekly slide in the sharpest sign of Friday’s grain-market rout.
Bearish weekly low closes and weak chart patterns in corn, soybeans and wheat pointed to more technical selling early next week, with the corn selloff described as still accelerating.
$11.21 1/2 July soybeans fell 8 cents to a four-month low and lost 65 1/4 cents for the week, while a stronger U.S. dollar added pressure across the soy complex.
$5.80 July SRW wheat touched a seven-week low and ended the week down 30 1/2 cents; cotton also dropped 114 points to 73.75 cents as the grain slump spread beyond corn.
Livestock diverged from crops: August live cattle rose to $241.65 and gained $2.60 on the week on supply concerns tied to New World screwworm, while August lean hogs fell $2.05 on a bearish weekly close.