July 21, 2017
Grain Marketing Specialist
Corn: As of 7:45 down 6 1/2
Corn closed 8 ½ higher yesterday as weather remained the driving force of volatility along with a weak US $ help support the move as well. It was not as positive once we got into the overnight as weather reports changed, as now wetter weather moves into the 1-5 forecast and a little relief from the heat is predicted in the 6-10 day. It seems that whatever direction the weather takes, that is where prices go.
Old crop corn sales of 467,000 tons was very good and helped push total commitments to 99.5% of the USDA ex-port total. New crop corn exports ytd are 3.5 million tons and are way behind the 5-year average of 6.2 million.
Soybeans: As up 7:45 7 ¾
Another double-digit day yesterday on beans, as weather controlled the move. We took a step back on the overnight session as we are seeing some profit taking occur, with addition to improving weather conditions. We are seeing the Brazilian Real with some improved strength recently. May shift some export business back to the US. Weekly export sales were 409tmt, new crop at 1.522mmt…new crop included 1.3mmt China promise contracts. New crop commitments are 202mb vs 336mb last year, meal and soyoil commitments both also behind last year’s pace
Wheat: As of 7:45: Sp Wt: down ¾ cent: KC down 1
The wheat complex was also higher yesterday, but wasn’t their day to shine. KC lead the way with a 3 ½ cent gain and Minny was up 2 ½. On the overnight, wheat is a follower of row crops as both Minny and KC are ½ to a penny lower. It’s been a volatile week for Spring Wt. as it has traded a 40-cent range since last Friday. Weekly export sales came in strong for wheat at 669.5tmt, which was double the pace needed.