July 30, 2015
Grain Marketing Specialist
Corn: 3-5 Better
Supported by weakness in the wheat markets, corn pushed lower yesterday as both Sept and Dec corn was down 7 1/4.We continued lower in the overnight but saw a small bounce around 2 am. WCB looks to be in good shape with ideal growing conditions but some debate conditions and potential yield in the ECB. Ethanol production was lower again this week, which has been on a decline for the 3 weeks, but is still high for this time of year. With the slip in the corn markets margins firmed slightly this past week. Since putting in a high on july 14, Dec corn has lost 76 cents and is only off the contract low by 15 ¾ cents.
Soybeans: 5-10 Better
Strong Demand in the meal pushed beans high yesterday as we say Aug pushed up 8 and Nov only a minimal gain of a penny. We did trade slightly lower to begin the overnight session, but bounced back to trade higher for most of the overnight. Like corn, there is a concern or crop conditions in the ECB but WCB looks really good. We are seeing some cash premiums on the rise in the East on OC beans. We are also hearing processors bid being rolled to the Nov as today is first notice day today so pay attention….
Wheat: 2-5 Better
All the wheat markets were lower yesterday getting pressured by good weather, abundant supplies and really poor export demand. Also US wheat is still not competitive in the world market. KC and MW traded close away from yesterday’s close on the overnight. Day 2 of HRS tour, is still confirming what we thought was true about the size of crop in ND. As of now they are reporting and average yield of 51.1 vs. last year’s 48.3. Harvest is expected to start this weekend.