Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Down 1
Yester day was the largest daily drop for nearby corn futures in more than 2 months. The US dollar was up over 1,000 points, which applied pressure to commodities across the board. Funds helped accelerate the selloff, dumping 7,000 contracts of corn. Weather remains friendly for crop development as soil moisture is ample. Export inspections at 43.6mbu.
Beans as of 7:45- Down 6
Export inspections at 12.5 mbu, which is pretty aggressive for this time of year. China took some late summer soybeans out of the US, with 132,000 tons being reported. Argentina still dealing with labor issues with threats to go on strike. Us demand remain strong.
Wheat as of 7:45- SW-Down 2 WW-Down 4
Heavy rains in Texas are degrading the quality of imminent harvest wheat to feed grade in some cases. No real frost damage came out of the recent system the past few days. Taiwan bout 101,000 us sw.