July 7, 2016
Grain Marketing Specialist
Corn: Higher 2-5
It was another down day yesterday as corn market sank lower with the soy complex. It closed the day down 9. It did rebound on the overnight with a decent close with Sept and Dec up 10. We may see a market correction today and also with some outside markets pulling the market up, but we are still seeing many areas get a good shot of rain may continue put pressure on this market.
Soybeans: Down 5
Another volatile day for the soybeans. With the use of extended limits, we could have seen a wash out but we bottomed out at down 37 but made a furious rally to close down 9. We saw mixed trading on the overnight with beans trading in the positive before selling off. We did close slightly positive to close the session. Like corn, we are seeing good growing weather in most areas will put pressure on it.
Wheat: Higher 1-5
With both row crop sinking, the wheat markets all sank with it yesterday. They did get a reprieve on the overnight session with Chi up 9, Minn and KC up 6. With the progress from harvest and we are getting good reports on yields and quality, and with addition to the collapsing corn market, will continue to put pressure on the wheat market.