A generally bearish fundamental outlook without any real major weather threat resulted in last month's range from high to low for both the December 2020 corn futures and November 2020 soybean futures contracts to be among the narrowest in years.
As shown in the graphic, the 37 1/2-cent range for the December contract is the narrowest for July, normally the most volatile month of the year, since 2006.
Friday's close for CZ2020 at $3.27 is also the lowest since the end of July 2006 at $2.56 per bushel.
Similar to corn, November soybeans saw a mere 41-cent range last month, the narrowest for that month's soybean contract in July since a 34-cent range was seen in July 2000 for the November 2000 futures contract.
Last month's settle at $8.92 1/2, other than last year's end of July close of $8.81 1/2, is the lowest since the end of July 2007 close of $8.57 1/2.
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