Grain Marketing Specialist
SDWG would like to wish everyone a Safe and Happy Independence Day!!
Trading will end at 12:05 cst today and will reopen Wednesday morning at 8:30 am
Corn: As of 7:45- 7 higher
Friday’s late day push looks to carry through overnight as we shrugged off a neutral bearish acreage number and started trading weather. 6-10-day forecast looks for above ave. temps and ave to below ave. precip. Also, gaining support from a wheat market that remains impressively firm. Crop ratings will be out Wednesday, delayed by the 4th of July holiday. Export inspections will be out at 10am
Soybeans: As of 7:45- 21 higher
Soybeans keeping its momentum from Friday’s report release overnight. Acreage not increasing as much as expected along with a weather forecast of warmer drier conditions helping with that momentum. Smaller acres along with degrading crop conditions in the Dakotas will look to compete with ample SA supplies. SX7 making a move for the May high of 9.80.
Wheat: As of 7:45- Winter- 12 higher, Spring- 30 higher
Hot and dry in the Dakota’s remains the story as Minneapolis is leading the way higher again this morning. Adding risk premium, a decrease in spring wheat acres from Friday’s data pushed MWU past the $8 market. Where this thing ends remains to be seen but the path of least resistance appears to remain higher for now.