Grain Marketing Specialist
Corn Down 4 as of 7:45
Another down day in the corn market as September corn ended the day down 3 ¼ cents and December ended the day down 3 ½ cents. Export sales out yesterday morning put corn shipments from last week at 13.6 million and 48.9 million bushels, not great numbers so close to the end of the marketing year, which ends after August. Brazils higher prices this summer will continue to be beneficial to corn demand but there is still potential for a 15- billion bushel harvest this fall that is putting the bearish pressure on.
Beans Down 21 as of 7:45
Beans managed to end the day in the green yesterday as August beans were up 5 ½ cents and November beans closed up 3 ½ cents. This week's heat wave continues to have no bullish effect on prices, partly because it is only expected to last through Saturday and partly because there is more rain in the five-day forecast for the eastern Midwest and North Dakota. The latest forecast for August described above is also favorable for soybeans as they hit their pod-filling stage. Yesterday USDA said that last week's export sales and shipments of soybeans totaled 11.9 million and 14.5 million bushels.
Wheat Minneapolis Down 1 ½ Kansas City Down 2 ¼ as of 7:45
September Minneapolis Spring wheat ended the day yesterday up 1 ¼ cents, Kansas City Winter Wheat closed up ¾ cents. Last week's export sales and shipments of wheat totaled 17.6 million and 13.2 million bushels respectively, a neutral combination that has total exports in 2016-2017 up 24% from a year ago.
HAVE A GREAT WEEKEND!