Grain Marketing Specialist
Corn: As of 7:45- steady
Corn traded in a narrow 3 c range yesterday and a narrow 2 c range last night as we look for support at the contract lows of 3.54 ¼ K. Firmer equities and crude was not enough to post gains as this remains soft on weak fundamentals.
Soybeans: As of 7:45- 1 higher
Soybeans slipped yesterday as well, also unable to gain traction from outside markets and the announcement of a 140,000 metric ton sale for 15/16. SA weather remains generally favorable and hearing better than expected yields. Brazilian harvest estimated 51% complete. I look for initial support at 8.56K.
Wheat: As of 7:45- 1-2 higher
Favorable weather across much of HRW growing areas along with burdensome stocks continue to weigh on this market. MWK making new lows yesterday. Funds were estimated net sellers of 5,000 contracts yesterday adding to their net short position.