August 24th, 2015
Grain Marketing Specialist
A decline in Chinese stocks, a lower dollar and lower crude are pushing soybeans lower. Other markets are following suit.
Corn: 10 lower
Questions about the quality of the corn crop are moving to the back seat as traders try to figure out the Chinese economic problem. Over half of the nation’s corn crop got less that 1 inch of rain last week, so there might be some deterioration in today’s crop progress report. The weather forecast for the week remains mostly dry.
Soybeans: 31 lower
Soybeans are making new lows this morning. If crop shows no deterioration in the upcoming crop progress reports, traders will believe there is an adequate supply of soybeans for Chinese imports.
Wheat: 4 - 6 lower
Wheat is following the trend this morning, and also making new lows.