July 26, 2017
Grain Marketing Specialist
Corn: down 1
Favorable weather n the forecast weighs on the market. Last night a rain band came through the eastern edge of Nebraska, south eastern South Dakota and the southern part of Minnesota accumulating 1-3 inches of moisture. The system is moving across western Iowa right now. Below is a look at the 7 day forecast. CU17 getting close to testing the June 23rd low of 3.64 and the unknowns yet of this crop in the field is expected to hold support there. We are looking at an abundant supply of corn + 2 billion bushel carryout.
Beans: down 5
New crop beans still holding above the 200, 100, and 50 day moving averages. Beans are still holding in at the top end of the trading range and sitting at an 80 cent premium to the June 23rd low. Just the same as corn the favorable weather in the forecast, going into August is suppressing the market.
Wheat: MPLS up 3 KC up 2
The spring wheat tour is finding mixed results, western North Dakota showing the worst quality and worst yield. Eastern ND, CO, SD a lot of 20-40 bpa yield potential. The average yield for day 1 was 37.9 bpa vs last year’s 43.1. Although they are finding decent yield potential how much of this crop has been baled, chopped, or killed? The Spring wheat market took a hit yesterday closing down 33 cents.