August 7, 2015
Grain Marketing Specialist
USDA report next Wednesday, August 12th…be sure to have your targets in place!
The corn market struggled to gain any sort of momentum Thursday as export sales were poor for both old and new crop at -2.7tmt and 277tmt, respectively. Exports this time of year tend to slow with Brazil’s second crop hitting the market, looks to be holding true this year as well. Another private estimate came out today by the Linn group and pegged corn yield at 160.4 bpa. Argentina’s harvest at this point is estimated at 85% complete. Nearby support for September corn can be found at $3.65 and at $3.745 on the December contract.
SOYBEANS- Up 3
Export sales reported on Thursday were disappointing for old crop at -447tmt and good for new crop at 1.02 mmt. The Linn group pegged bean yield at 43.9 bpa in a report today. The 6-10 day forecast is still calling for warmer and drier weather across much of the Midwest. The market seems to have found some consolidation here before the USDA report next Wednesday between $9.57 and $9.2625. Crop conditions for next week look to be steady to better with beneficial rains on beans this week. Nearby support for November futures can be found at $9.2625.
WHEAT- Minneapolis Up 2, Kansas City Unchanged
Wheat showed strength all session Thursday after the strongest weekly export sales of the marketing year at 838tmt. In the world market Saudia Arabia released a tender today for 495tmt. The Minneapolis December contract saw a new low Wednesday night before rallying after the export sales release. Australia and France wheat conditions continue to improve. Nearby support for Minneapolis September futures can be found at $5.11 with support for Kansas City September futures found at $4.815. Below is a look at the day chart for Minneapolis September futures…