July 20, 2017
Grain Marketing Specialist
Corn: As of 7:45 up 5
Corn yesterday put in another weather focused session as the market ran up 12 but could not hold their highs and settled 5 ½ higher. It was mixed on the overnight session but in yesterday’s trading range. We are seeing both Sept and Dec up 5 at the moment. The focus remains in weather. If the rains come in the much-needed areas, it may be a cushion against the heat. If they don’t come it could pull down yield during pollination. The weekly ethanol data was a positive. Production rose to 1.026 million bpd, which is the highest level since the first week in May. Overall production is still in line with the USDA ethanol target. Margins continue to remain low at only 6 cents.
Soybeans: As up 7:45 6 ¾
Bean posted a 10 ¼ gain yesterday but were a nickel off it session highs. We are seeing similar movement this morning as Aug contracts are up 6 and Nov up 8. The story is similar as corn, we are closing in on the month of Aug, which we all know is crucial in bean production. if the rains come so does yeild... The other part of the equations has been the strength of the products. Both meal and oil has help support bean price as of late.
Wheat: As of 7:45: Sp Wt: down 5: KC down 1
Wheat complex was all lower yesterday and that performance spilled in to the overnight session, as spring wt is 5 lower and KC a down a penny. All this has been influenced by improving chances of rain in the US and Canada. We are also seeing a shift in focus back to world supplies of wheat. We have the Wheat Council Spring wheat tour kicks off next week as well.