The daily bar chart for July corn (ZCN26) futures looks like the face of Yosemite’s El Capitan: a steep and perilous cliff. Even famed climber Alex Honnold would have second thoughts about trying to rescue the corn market from El Cap. And the winter wheat and soybean futures markets are not faring much better. What’s it going to take to fix the hemorrhaging grain futures markets? Read on.
July corn futures on Friday fell 7 cents to $4.17 1/2 and hit another contract low. For the week, July corn was down a stunning 29 1/4 cents. July soybeans (ZSN26) lost 8 cents on Friday to $11.21 1/2, hit a four-month low, and for the week were down a whopping 65 1/4 cents. July soft red winter (SRW) wheat (ZWN26) futures on Friday closed down 1 3/4 cents to $5.80 and for the week were down 30 1/2 cents. July hard red winter (HRW) wheat (KEN26) futures rose 1/2 cent to $6.20 3/4 but for the week lost 29 cents. July SRW and HRW hit seven-week lows on Friday.
