Grain Marketing Specialist
Corn: As of 7:45- 3 lower
Corn market firmed Friday on spillover strength from the soy complex and a weaker $. Little new to talk about on a Monday morning as crop ratings this afternoon expected to stay steadish as we await crop size estimates that are expected to grow. Crop ratings last week at 76% g/e, well above the 70% last year. The market keeps reducing any kind of risk premium with every week that goes by with little to no drop in ratings. Dec corn support at 3.33 and 3.17 with resistance at 3.62.
Soybeans: As of 7:45- 20 lower
Friday gains on weather risk and a weaker dollar seems to be being erased last night as the 6-10-day forecast looks to have eased the thoughts of a ridge building. There still is time for weather to damage this crop. August makes beans…. Crop ratings expected to hold steady to a slight drop. A producer looking to shop around those final oc soybeans will want to be cognizant of cash bids and not just a basis number as many but not all have rolled to the Nov.
Wheat: As of 7:45- 1 to 2 higher
A weaker US $ helped firm this market Friday along with the fact that market has been getting beat up pretty regularly here lately. French wheat production still a concern. ND spring wheat finished with an estimate of 45.7 bpa up slightly from NASS at 45.