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Corn Unchanged as of 7:45
Another rough day on the board yesterday as both the September and December corn futures contracts close the day down 4 ¼ cents, the December contract posted a new contract low yesterday. The extended forecast is expecting more moderate summer temperatures and is likely to keep December corn under bearish pressure, possibly until harvest. Ethanol numbers out Wednesday morning put last weeks ethanol production up to 1.029 million barrels per day. Ethanol stocks increased slightly to 21.2 million barrels.
Beans Up 10 as of 7:45
A day of double digit losses in the bean markets as August beans were down 17 cents and November down 18 ¾ cents. Decent rains and good soil moisture in the Cornbelt is taking any bullish momentum out of the recent heat forecasts. Beans seem to be losing traction here with mostly favorable pod-filling weather coming up and a great looking corn and wheat crop to add to that.
Wheat Minneapolis Up 4 Kansas City UP 5 as of 7:45
Wheats followed the row crop markets yesterday as well as September Minneapolis Spring wheat closed the day down 3 cents and September Kansas City Winter Wheat closed down 3 ¾ cents. Rapid Winter wheat harvest ahead of schedule is putting the pressure on the wheat markets, the only thing that seems to be giving any support to the wheat markets at this time is the hot weather. Hotter temperatures will stress spring wheat crops from Wednesday through at least Saturday, especially here in South Dakota where conditions are dry, but there is also a chance for rain in the Dakotas on Friday.