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Soybeans Slide as Traders Liquidate -- Daily Grain Highlights

07/30/2021 | 02:54pm

By Kirk Maltais

--Soybeans for November delivery fell 2.1%, to $13.49 1/4 a bushel, on the Chicago Board of Trade on Friday, with traders taking profits after yesterday's gains.

--Corn for December delivery fell 2%, to $5.45 1/4 a bushel.

--Wheat for November delivery fell 0.2%, to $7.03 3/4 a bushel.

HIGHLIGHTS

Locking in Profits: Grain futures on the CBOT declined Friday with traders taking profits even amid outlooks that July's weather in U.S. growing areas has been even hotter and drier than expected. "The volume of trade continues to be lite/limited which is exacerbating daily trading ranges," said AgResource. "The green radar blobs across South Dakota, Minnesota and Northwest Iowa have not produced much rain, but the radar has set the bearish mentality of Friday's CBOT trade."

Wetness Window: The expectation for increased rainfall in parched growing areas like the Northern Plains was a source of pressure for grains Friday--which storms traveling through to the eastern Corn Belt throughout the day. "Storms are expected to track southeast across the southwestern half of Iowa, northern Missouri, into southern Illinois over the next 24 hours," said Arlan Suderman of StoneX. "That's currently the Midwest's best opportunity for rain over the next 10 days." Mr. Suderman notes that unless the storm activity leads to lower crop ratings next week, traders are viewing the rainfall as bearish for prices.

INSIGHTS

Small Time: While grains traders are keenly watching the weather outlook in U.S. growing areas heading into August, the possibility of a big rally sending prices back to near-record levels seen in May is growing smaller, said Dan Hueber of the Hueber Report. "As a group, these markets appear to have lost upward momentum, and while individual commodities may see some fireworks in the weeks ahead, witnessing a significant advance for all three is looking less likely," said Mr. Hueber--adding that the results of various crop tours next month will provide the next indication of how prices will move, along with August's WASDE report.

Weekend Pattern: With weekend weather in growing areas being a key area of focus for grains traders again, some traders are anticipating trading going into Monday's session to follow a familiar pattern. "The pattern over the last few weeks has been that we get a bullish weather forecast Sunday afternoon, with a rally on Sunday night, that inevitably fizzles and fails," says Charlie Sernatinger of ED&F Man Capital. "I'm not saying that it is a stone cold cinch this happens again, but if the forecast is friendly Sunday, I suspect there will be traders lined up waiting to sell this puppy."

AHEAD:

--Green Plains Inc. will release its second quarter earnings report before the stock market opens Monday.

--The USDA will release its weekly export inspections report at 11 a.m. ET Monday.

--The USDA will release its monthly grains crushings report at 3 p.m. ET Monday.

--The USDA will release its weekly crop progress report at 4 p.m. ET Monday.

Write to Kirk Maltais at kirk.maltais@wsj.com

(END) Dow Jones Newswires

07-30-21 1453ET

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