Grain Marketing Specialist
July 24, 2015
Corn: Down 4
Weather continues to drive the market as outlooks are favorable for the next 2 weeks with some showers and moderate temperatures. South American FOB corn values still $7 to $19/MT below the US Gulf. CU breaks below $4.00 and CZ has support at $4.08 ½. Crude oil prices dropped to contract lows yesterday but are up a little this morning.
Soybeans: Down 7
Yesterday Funds sold 11,000 contracts, they are now long 49,000. New crop soybean export sales continued to lag this week at just 8.9 million bushels. For comparison, new crop sales on the same week last season exceeded 90 mbu. Cumulative new crop sales are at 261 mbu, the slowest pace in the last six years (chart below).
Wheat: MW down 5, KC down 5
Canada Wheat crop tour results to be published today. Export sales of 18.5 mbu were better than market expectations; yet the 4 week average of 13.8/week is the second lowest in 2 decades. Total wheat exports from the EU are off to the fastest start since 2004.