Grain Marketing Specialist
Corn: As of 7:45- 1 lower
A fairly benign week last week as July corn gained 1c. Planting pace slowed from some much needed moisture for some. Progress expected to be 75-80% complete estimated this afternoon. Tomorrow USDA will release the monthly WASDE report. Average trade estimate for 14/15 carryout is 1.864 and 15/16 at 1.752. For the time being the primary focus will be on planting pace and weather. 6-10 day forecast looks for above average precip and below average temps as we try to clean up that last 20-25%
Soybeans: As of 7:45- 2 higher
A little firmer week for beans as July gained 11 ½ and Nov gained 10 ¼ . Chinese interest rate is cut leading some to believe they will just keep endlessly gobbling up any excess soy. Technical’s giving no real sense of direction. Average estimated carryout for tomorrows USDA report 14/15 at 360 and 15/16 at 443. Planting progress being made in the eastern Corn Belt as western areas are slowed by precip. Expected to be at 30% complete.
Wheat: As of 7:45- 3-4 lower
Cool temps that could cause damage supporting wheat the end of last week into today. Average trade estimate for tomorrows USDA report has carryout estimated for 14/15 all wheat at 693 and 15/16 at 750. Planting progress expected to 85-90% complete.