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Above: Oliver Sloup discusses today's grain market trade in his bi-weekly video with CME Group

It was a bit of a rollercoaster ride in the grain markets today as market participants continue to jockey for position with the ever-changing weather forecasts ahead of the long weekend.  Yes, long weekend.  Grain futures markets will be closed on Monday in observance of Juneteenth and reopen Monday evening, an unfortunate time of year for a long weekend in the grain markets. 

July corn futures traded as high as $6.25, but lost ground in the afternoon trade, settling 4 ¾ cents lower to $6.12 ½.   This was the second consecutive day that the market teste and failed against the 100-day moving average, which comes in near $6.22.  The new crop December contract managed to hang on to positive territory, settling 2 cents higher to $5.51 ¼.  Needless to say, weather forecasts will continue to be monitored closely as many top producing states are experiencing drought conditions.

Soybean futures were the big winner in today’s trade with the new crop November contract leading the way.  At the close, November soybean futures were 30 ½ cents higher, settling at $12.39 ½.  The front month July soybean futures contract settled the day a notch below $14, $13.99 ¼, that was 26 ½ cents higher on the day. 

July Chicago wheat futures caught a bid mid-morning, trading to the 50-day moving average and their highest price since May 17th.  However, the market softened up into the afternoon trade, finishing the day 2 ½ cents higher, settling at $6.36 ¼. 

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