July 5, 2016, 2016
Grain Marketing Specialist
Crop conditions will be released later today…
Corn: Down 5-8
After the long holiday weekend, corn is back to digesting the number from Thursday report. Most months traded around 4-6 lower on the overnight session. Other added pressure was the rains in many parts of the Midwest to help this crop through some of this week’s heat. The funds still have a sizeable long position and with weather playing back into things they will continues to liquidate. We should see the crop conditions show corn is steady in its progress.
Soybeans: Down 5-10
Like corn, the soy complex is still taken in numbers and the funds are using the weekend rain events to liquate their long positions. China seems to want to become a seller of beans as they look to move some of their state reserve beans this week. Also outside influences many add early pressure to the markets.
Wheat: Down 5-10
The wheat markets still continue to sell off and we are seeing prices not seeing for a few years. Rains slowed the WW harvest in the south as we are about 50-60% done with harvest. Spring wheat was around 72% g/e and we may see it slip this afternoon. We may see some quality issues in Russia as they say some heavy rains this weekend. The funds will continue to add to their big short position.