July corn (ZCN26) last Thursday fell 3 1/2 cents to $4.17 1/2 and for the week was up 4 3/4 cents. July soybeans (ZSN26) fell 9 1/4 cents to $11.22 3/4 and for the week were up 9 1/4 cents. July soybean meal (ZMN26) futures lost $3.50 to $301.30, hit a 4.5-month low, and for the week were unchanged from the previous Friday’s close. July bean oil (ZLN26) futures fell 185 points to 69.69 cents, hit a two-month low, and for the week were down 459 points. July soft red winter (SRW) wheat (ZWN26) futures on Thursday fell 7 cents to $6.05 3/4 and for the week were up 21 1/4 cents. July hard red winter (HRW) wheat (KEN26) futures lost 8 1/2 cents to $6.44 but for the week were up 9 1/2 cents.
One of the biggest negatives for grain prices lately has been the big downdraft in crude oil (CBQ26) (CLQ26) prices. Crude is arguably the leader of the raw commodity sector. However, it’s my bias that oil prices, if they keep falling, will no longer play a significantly bearish role for the grain futures markets.
