Grain Marketing Specialist
Corn: As of 7:45- 2 higher
Corn traded both sides yesterday before settling lower despite news of a rather large sale of 1,577 split between 16/17 and 17/18 to China. Ethanol data out with an increase in production to 989,000 per day was supportive as well. Harvest progression and yield estimates will be watched closely as we work into tomorrow’s stock report. Export sales out this morning at 575, below expectations.
Soybeans: As of 7:45- 9 higher
Soybeans traded both sides as well again yesterday before settling lower this time. Harvest/hedge pressure noted as the culprit. The announcement of a couple of sales to China and unknown wasn’t enough to counteract it as near-term weather looks favorable for harvest progress with some precip working into the 6-10day. Export sales this morning out at 1,690 for 16/17 and 100 for 17/18, exceeding expectations.
Wheat: As of 7:45- 2-3 higher
With row crop being the focus these days’ wheat has quietly gained moment on the possibility of tomorrows stock report solidifying summer feeding idea’s. Last night MWZ did break the 5.09 mark I have been watching. If we settle above it, it could open us up to the most recent high of 5.28. But before you all get bulled up.... keep in mind we have a stock report to navigate and still have plenty of wheat both domestically and globally. Export sales this morning out at 570.8 falling within the range of expectations.