August 3, 2015
Grain Marketing Specialist
Weekly export inspections to be released this morning, weekly crop progress out this afternoon
CORN- Down 5
Nearby corn futures lost another 21 cents last week as condition ratings remain strong and forecasts look cool over much of the corn belt. Needed precipitation in the Western corn belt is forecasted for the next week. Yield estimates at this point range from 162 to 168 bpa. Condition ratings are expected to remain unchanged in this afternoon’s report. South Korea bought 60tmt and 75tmt option origin corn reported this morning. Funds continue to liquidate their long position, pushing prices lower in the short term. Nearby support for September corn can be found at $3.52 with and at $3.625 on the December contract.
SOYBEANS- Down 10
November soybean futures dipped nearly 25 cents last week as conditions remain good for beans over most of the Midwest. The USDA announced on Friday that China had cancelled 200tmt for the 2014-15 marketing year. Funds are now an estimated 37,000 contract long after liquidating most of their position over the last two weeks. The trade is expecting the bean rating to stay at 62% G/E in this afternoon’s crop progress report. Nearby support for November futures can be found at $8.9575. Below is a look at the day chart for November 15 beans..
WHEAT- Minneapolis Down 5, Kansas City Down 7
Winter wheat harvest is close to wrapped up as the trade is expecting the crop progress report tonight to show 90% complete. Export inspections to be released this morning need 19.1 mln bushels to keep pace with the USDA forecast. Early spring wheat yield reports look to be good as harvest continues to ramp up in the Dakota’s. Funds are an estimated 30,300 contracts short after the last two weeks of selling. The market is looking to find consolidation here lower as we gain a better understanding of what yields look like in North and South Dakota.