July 29, 2015
Grain Marketing Specialist
Corn: 4-6 Lower
With minimal fund selling yesterday, corn managed to close up 2 yesterday, but could not carry that into the overnight were we saw an 8-9 cents trading range. With an extended forecast that appears favorable for the next 6-10 days Dec corn put in a new low on the overnight session. We did get some 60tmt of corn sold to S. Korea.
After Monday’s selloff we got some of that back yesterday as Aug beans closed up 13 and Nov up 11.Was mixed to begin the overnight session but soon traded steady. As the all important month of August fast approaches, we seem we may have favorable weather going into the month. But many traders are leery as USDA sets to reevaluate acres. Chinese equity markets stabilized yesterday as well, with the Shanghai Index rallying back from as much as 5.1% down to close only 1.7% lower.
Wheat rebounded in all three markets yesterday as Chicago September found support just above $5.00 closing 8 ¼ cents higher . KC and MN September contracts found support just a few cents above their contract lows. KC September closed 5 ½ cents stronger and MN September closed 3 ¼ cents higher. Wheat tour is in full swing in North Dakota and found yields of 51.1 bushels per acre, a record for day one and well above last year’s 48.3 bpa, but protein may be less than last year’s record crop. Russia harvest is well underway with few problems-so is Ukraine.