Grain prices were mixed but mostly higher on Friday. Corn and soybeans moved moderately higher, erasing some of the steep losses incurred earlier this week. Wheat prices continued to slide lower, however, with most contracts down another 1.25% today.
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Most of the Midwest and Plains will see at least some measurable rainfall between Saturday and Tuesday, per the latest 72-hour cumulative precipitation map from NOAA. Northern Iowa and Minnesota are likely to gather the largest amounts during that time. NOAA’s 8-to-14-day outlook anticipates seasonally wet weather returning to the Plains and western Corn Belt between July 1 and July 7, with abundant warmer-than-normal conditions likely across most of the central U.S. On Wall St., the Dow mounted a substantial comeback attempt, jumping 675 points higher in afternoon trading to 31,352, although investors also carefully considered a University of Michigan survey that showed consumer sentiment at record lows. Energy futures were also in the green, with crude oil up nearly 3% to $107 per barrel this afternoon. Gasoline also climbed 3% higher, with diesel rising around 0.5%. The U.S. Dollar softened moderately. On Thursday, commodity funds were significant net sellers of all major grain ...
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