An increased production forecast seemed to depressing corn futures Friday.
Check it out:
The corn market slipped Thursday night, then moved lower in response to news that the International Grain Council had boosted its global production forecast 4.0 million tonnes to 973 million. Nearby futures also seem to fail at technical resistance. September corn ended the week 2.75 cents lower at $3.59/bushel, while December dropped 4.5 to $3.6475.
The soy complex posted divergent moves Friday. Old-crop demand seemed to boost the expiring bean and meal contracts Friday morning. New crop beans were under pressure, whereas meal quotes edged upward. Meanwhile, losses posted in Asian palm oil prices apparently triggered a fresh breakdown in the soyoil pit. September soybean futures vaulted 15.75 cents to $10.895/bushel before the three-day weekend, while November futures slumped 4.5 cents to $10.2425. September soyoil plunged 0.60 cents to 32.04 cents/pound, whereas September soymeal surged $6.3 to $439.5/ton.