July 27, 2015
Grain Marketing Specialist
Corn: 5-10 Lower
Double digit losses on the overnight session as we see the market move lower on some beneficial rains in the western Midwest and the rain eased up in the east. Also funds are long and that does not seem like the place to be in this market. Crop conditions are expected to show unchanged to 1% better. Cattle on feed came in around 102% vs the 101.4% that was expected. Placements were 101% vs. the 99.6%. Inventory showed 98.4 million head up 2% from last year.
Soybeans: 10-15 Lower
Weather also played a part in the bean complex as we are also seeing double digit losses in the overnight markets as we saw some of the later planted beans recover from the wet conditions we have been seeing.6-10 forecast show a favorable for good crop development. China’s struggling economy also is playing a big part in the stressed soybean market. Fears are they will refrain from doing any business until they see a turn around. Also still competing with SA beans does not help any either. Crop conditions are expected to be unchanged to up a percent...
Wheat: 4-8 Lower
Lower across all three wheat exchanges, as wheat follows corn and beans down with MGEx and KC dipping to lowest prices since April. CWB wheat tour last week est. 2015 sp whet yield at 38.9bpa, durum at 27.8bpa down 15% and 32% respectively. ND Spring wheat tour begins this week as they travel across SD and ND. What will they find??? How is the quality?