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End-of-day quote. End-of-day quote Chicago Board Of Trade - 08/03
724.5 USc   -0.69%
07:00aCOFCO JOYCOME FOODS : Factbox-China's key commodities targeted by Beijing's recent measures
12:09aWheat rebounds on supply concerns, soybeans firm
08/03Wheat firms as global supply concerns mount
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GRAIN HIGHLIGHTS : Top Stories of the Day

06/14/2021 | 05:31pm EDT


Corn Falls on Weekend Rainfall 

Corn for July delivery fell 3.7% to $6.59 1/4 a bushel on the Chicago Board of Trade Monday in reaction to rainfall hitting U.S. growing areas over the weekend. "The National Weather Service shows above-normal rains and average temperatures across the Midwest in the 8- to 14-day range," said Terry Reilly of Futures International. Grain traders will likely make most of their decisions based on any changes to the forecast this week, he said.

Soybean Export Inspections Slide 

Export inspections of U.S. soybean exports have fallen this week, dropping below both last week's figure and exports from this time last year. Export inspections of U.S. soybeans totaled 128,092 metric tons for the week ended June 10, according to the USDA's weekly report released Monday. That's down from 239,384 tons inspected last week, and from 435,469 tons inspected at this time last year.


Open Biofuels Question Pressures Grains -- Market Talk 

12:31 ET - Reports Friday that the Biden Administration may provide some kind of relief for oil refiners from laws mandating biofuel blending continue to be a point of pressure for grain futures trading on the CBOT today. For grains, this combined with worries about weather supporting strong crops has futures lower today, Arlan Suderman of StoneX says. If the Biden Administration pushes forward with some kind of relief for oil refiners, then it'll run counter to court decisions that struck down the Trump Administration's usage of waivers for small oil refineries, allowing them to not meet requirements for the amount of ethanol needs to be blended into their gasoline. Corn futures are leading the CBOT lower today, with the most active contract down 3.2%. (kirk.maltais@wsj.com; @kirkmaltais)

Crop Progress Report Expected to Show Quality Decline -- Market Talk 

10:45 ET - Grain futures are sharply lower, with traders shedding weather premium amid rainfall in growing areas over the weekend. However, today's crop progress report from the USDA, due out after the market closes today, may cause a shift in momentum. "This afternoon's weekly crop condition report will be watched closely to see if the dry conditions in some key states is starting to take a toll on the crop," Tomm Pfitzenmaier of Summit Commodity Brokerage says. "You do not have to talk to many farmers in those areas to learn that the heat and lack of rainfall is still sharply reducing their yield potential." While many areas have received rain, other growing areas have been largely missed by rains, something today's report may reflect. (kirk.maltais@wsj.com; @kirkmaltais)


Cattle Rallies as Beef Demand Stays Strong -- Market Talk 

1510 ET - Live cattle futures finished trading higher, with the most-active contract closing up 1% to $1.21275 per pound. It marks the fourth trading session in a row that cattle futures have risen, as demand for beef from food service and other avenues has provided support for futures. The amount of food eaten in and outside of the home has risen in recent months, according to data from the Bureau of Labor Statistics. "Pent up demand for restaurants and outside the home eating experiences are playing into these numbers, but at higher and higher prices does sticker shock become an issue?" says Steiner Consulting Group. Meanwhile, lean hog futures closed down 1.5% to $1.18225 per pound. (kirk.maltais@wsj.com; @kirkmaltais)

(END) Dow Jones Newswires

06-14-21 1730ET

Stocks mentioned in the article
ChangeLast1st jan.
CORN FUTURES (C) - CBR (FLOOR)/C1 -1.48% 550.5 End-of-day quote.15.44%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 -0.69% 724.5 End-of-day quote.13.11%
All news about WHEAT FUTURES (W) - CBR (FLOOR)/C1
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08/02Soybeans, corn drop around 1% on demand concerns; wheat eases
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