June 19th, 2015
Grain Marketing Specialist
Corn- Down 3 as of 7:45
Corn started the day out yesterday stronger as export sales were double the weekly pace needed and Tropical Storm Bill works its way toward the Midwest, but started moving down as warmer/ dryer weather moves in across the corn states next week creating favorable growing conditions. The rain is slow moving and old news but continues to support row crop prices as it threatens to take acres out of production.
Soybeans- Down 6 as of 7:45
The soybean market traded higher Thursday despite improving weather conditions in the Midwest. Dry weather may come too late to dry out the fields enough to plant soybeans. Weather and planting progress being behind is major support for new crop beans. Argentina harvest is said to be 98.5% complete.
Wheat- Minneapolis Unchanged Kansas City Up 3 as of 7:45
Kansas City and Minneapolis traded lower yesterday on improving weather conditions, which should get the farmer back in the field in the next couple days. Minneapolis was also pressured from beneficial rains on the Spring Wheat in the Canadian Prairies. The biggest problem with wheat this year will be estimating quality and quantity of the winter wheat crop due to excessive rains down south. Spring wheat crops will benefit from chances of light to moderate rain in the Northern Plains, and western Canadian prairies, but the PNW remains dry with above average temperatures expected in July.