July 28, 2016
Grain Marketing Specialist
Corn: 1 lower
Corn holding steady in the overnight trade benefiting from soybeans, European wheat concerns and a lower dollar. Ethanol production, out yesterday, dropped from last week’s numbers, but still showed productions of 998,000 barrels a day. Export sale came in at 36.1 million bushels. This was just under expecations. Weather forecasts, for the next 10-15 days changed again and now cooler temps, and dry weather.
Soybean: 3 lower
Soybeans are pulling from overnight highs as new weather forecasts suggest cooler temps for the next 10-15 days. Export sales came in at 24.8. This was below the expectations. Just like corn, another rally will depend on weather, because as of now, the crops look good.
Wheat: 2 higher
Wheat getting a bounce from a weaker dollar and European wheat concerns. The wheat tour, in North Dakota, found better yields. Export sales showed 18.6 million bushels which was above the 13 million bushels needed for USDA projections. Overall wheat rallies are limited.