July 31, 2015
Grain Marketing Specialist
Corn 2-5 Better
Corn started yesterday lower but by mid-morning found strength supported by the bean complex. That strength continued into the overnight session as it was steady for most of the night. The market is starting to position its self in front of the USDA Aug 12 report. Weekly export sales came in around 365tmt of old crop and 443tmt of new crop. Japan was the buyer on old and Mexico on the New.
Soybeans: 2-3 Lower
Beans had a decent close yesterday as Aug closed up 7 ¼ and Nov up 6 3/4. Mostly mixed on the overnight with Nov trading in a 4 ½ range. Good week in exports for beans this week as we saw 416tmt of old crop and 899tmt of new crop get put on the books. Nov resistance at 9.53 ¼ then 9.55 and 9.59 and support around 9.32.
Wheat: 2-5 Better
With pressure coming from confirmation of a big crop add in some commercial buying made for a tough day in the wheat market yesterday. MW and KC saw new contract lows again. The wheat tour wrapped up and the final numbers are in at 49.9bu vs. 48.6 from last year. With harvest starting we will see how the quality is.