Grain Marketing Specialist
Corn: As of 7:45- 3 lower
The corn market seems to have found itself range bound as settled 2 c lower last week. With harvest on the door step or even begun in the south we appear to be in a wait and see mode to find out whose estimates are right. Weather looks largely favorable for maturing as the east looks to be warmer and drier in the 6-10 day forecast. Crop conditions expected to stay even to a point lower this afternoon. Technically my indicators are bearish and harvest is just around the corner.
Soybeans: As of 7:45- 9 lower
The bean market, along with corn was mixed to slightly lower last week as well for many of the same reasons. The same warmer drier forecast could limit some pod filling but does not appear to be at the forefront of traders’ minds this morning. Crop ratings expected to stay steady to a point lower this afternoon.
Wheat: As of 7:45- 2-4 lower
Unfortunately there is very little new news for the wheat complex. US wheat still struggles to be competitive globally. Spring wheat harvest is nearing completion. Technically my indicators remain bearish as this markets looks for a reason to gain some footing. The dollar remains firm adding to the global competiveness problem.