Grain Marketing Specialist
Corn as of 7:30- 1 lower
Supply vs. Demand is the debate these days as the market tries to digest yield data and Chinese demand. The bull wants to talk anecdotal lower yield reports as the bear is looking at a weakening Chinese economy and corn price. It looks like a warmer forecast which has some thinking it could lower yield ideas. Grasping at straws? We will have to see.
Soybeans as of 7:30-2 higher
Harvest is coming was the theme yesterday along with pressure from weakness in energies and equities as the Chinese economy is being closely monitored. The US will likely start seeing some new crop beans as soon as next week. Stable crop ratings also pressured this market as well. South America is still shipping beans and they look to start another production year just around the corner.
Wheat as of 7:30- 1 lower
Unfortunately I cannot seem to find anything new to talk about in this market. US wheat remains uncompetitive and the world has ample supplies. This is a market in need of a production problem…. A weaker US dollar did help limit losses yesterday as wheat looks to take its cues from row crops this morning.