July 19, 2017
Grain Marketing Specialist
Corn: As of 7:45 up 5
Corn yesterday started off the day strong but settled only 2 higher as midday weather models put some rain back into the 6-10 day for forecast. We saw continued strength in the overnight as both Sept and Dec contracts were up about 5. Some traders are starting to believe a 165-167bpa number for this fall. Also a sub 2.0bb carryout. Dec contract has tried to test the $4.00 mark a few times but seems to be some resistance there. Support seems to fall somewhere in the 50-100-day MA.
Soybeans: As up 7:45 Up 3 1/2
Beans followed corn after soaring 15 higher early in yesterday’s trade, but after weather came out they could not hold and only settled 4 higher. Still showing a little spunk on the overnight, we saw both nearby contracts and Nov up 3. The Nov contract seems like it wants to stay around that $10 mark as we traded both sides of that number. Support seems to be around the 200 day MA at $9.845. Chatter on yield would be around 46-47bba with a 400mb carry-out.
Wheat: Spring Wt up 3, KC down 1 1/4
Spring Wheat put in another positive day as they lead the pack as they finished up 13 ¼ yesterday, but KC struggled for better part of the day and closed down3 ¾. Strength followed Spring into the overnight as they were up 3, KC could follow that as they were down a penny. As spring wheat harvest is nearing, we are also seeing other areas struggle. Canada and Australia are also seeing dry weather. USDA appears to be reduce our harvested acres come the Aug report. The Annual Wheat Quality Council’s spring wheat tour kicks off next week. Crop scouts will visit spring wheat fields in North Dakota and fringe areas of SD and MN