Grain Marketing Specialist
Corn: As of 7:45- 10 lower
Slightly lower acres and stocks along with a condition rating slip helped fuel short covering last week with Sep settling 36c higher for the week and 66c off the June 15 low. There has been notable active farmer selling, particularly old crop…. Wheat harvest around the corner and it’s time to start thinking about taking the locks off those bins…. Rating expected to slip another 1-2% G/E this afternoon. Technically my indicators remain bullish for now but we have made significant gains that worth noting, I have resistance at 4.36 and support at 4.13U
Soybeans: As of 7:45- 20 lower
Soybeans surged last week off Tuesdays USDA report along with continued concerns about planted acres and crop conditions. As of Monday’s progress report we still had approximately 5 million acres unplanted. For the morning we look to be taking a break from the rally as the Greek no vote has the dollar firmer and equities lower. Crop conditions expected to slip another point or two this afternoon. 6-10 day forecast looks a bit drier.
Wheat: As of 7:45- 16 lower
Wheat had a less than friendly report but was held higher from spillover support from row crops. Winter wheat harvest expected to be approx. 50% complete. There is concern out there that dryness in the Canadian prairie will pull down production but both ample World and US stocks look to continue to weigh on this market.