July 17, 2017
Grain Marketing Specialist
Corn: As of 7:45 down 1 1/2
After Friday’s bump higher after the selloff Thursday, we still closed down .25c on the week. Corn slipped again on the overnight as we saw both Sept and Dec down 1 to 2 cents. The weather models continue to offer a bit of uncertainty. It ultimately suggests moisture improves in the Midwest & ECB, but the Western half of the Corn Belt that needs the rain more remains dry. Limited rain events in the US Plains & Dakotas will continue to accelerate drought conditions. Conditions Monday are expected to be relatively unchanged at 64-66% G/E. Some analysis has cut yield to 166-165 range.
Soybeans: As of 7:45 Up 4
Beans started Friday morning mixed but changed gears and ran up 16 before settling up 13 ½ for the session. We are seeing some of the momentum continue this morning as Aug is up 4 and Nov is up around 3 ½. Brazil has been devaluing their currency again as we saw about a 5% reduction the last few weeks. Weather has also been a player on the volatile market as well. We will see what crop conditions do today. They are expected to be around that close to the 62% from last week.
Wheat: As of 74:45 Minny Up 6 ¼, KC down 4
Wheat was mixed last Friday as we seen Minny stronger on the day up 8 ½ but KC lagged as it was a down 2 for the day. It was the same story on the overnight as Mpls was up another 6 with KC down another 4. KC wheat fundamental is just running out of fresh news to spur the market higher. Main story is protein demand in the gulf.