July 27, 2016
Grain Marketing Specialist
Corn: 3 higher
Corn moving higher this morning following soybeans. Ethanol production numbers will be released later this morning. Extended weather forecasts for the western plains have now turned dryers in the next 10-15 days thus allowing some support in the corn market. Support for September futures is at $3.28, with December managing to hold above $3.40.
Soybean: 14 higher
A change in long term weather forecasts seems to be luring some buying interest as Soybeans bounce off 3 month lows. August weather usually determines the SB crop. Possible opportunity for a rally should weather turn dry. August beans are supported around $9.80 and November soybeans are supported around $9.75.
Wheat: 3 - 5 higher
Wheat also following the other markets in the overnight. The North Dakota wheat tour seems to be indicating yields below last year. Abundance of wheat around the world has eased concerns about the French wheat production scare we traded on Monday.