Favorable Weather Weighs on Grain Futures

Grain futures took a hit Thursday as favorable weather forecasts weighed on prices. September corn closed down 3 1/4 cents, while December corn was also down 3 1/4 cents. Soybean futures fared no better, with September soybeans closing down 3 3/4 cents and November soybeans down 4 cents.

However, wheat futures managed to finish higher, despite expectations of ample global supplies. September KC wheat closed up 5 1/4 cents, while September Chicago wheat was up 2 3/4 cents, and September Minneapolis wheat was up 6 1/2 cents.

The market influence is currently weather-related, with traders closely watching crop conditions and yield potential heading into the critical finish of the growing season. As August begins, concerns about timely rainfall and generally favorable growing conditions across much of the Midwest are keeping prices under pressure.