July 28, 2017
Grain Marketing Specialist
Overnight trade was very light, saw a penny trading range. Looks like we will finish out the week range bound. There really isn’t anything in the weather story to drive this market one way or the other right now. The forecast looks cool and dry. September futures currently at 3.74. The December futures at 3.87 we did push up against the 200 day moving average at 3.89, but without any fresh news the market couldn’t find any reason to push through.
6 cent trading range in the bean market last night. I think we still have plenty of weather and crop development risk going into August. November futures hanging in around 10.00 not wanting to push lower. The 200 day moving average at 9.84 has held support 3 times for us now.
Wheat: MPLS up 4 KC up 5
Wheat tour is wrapped up final yield potential is a 38.1 BPA vs 45.7 BPA last year, which is still better than most expected. Now it comes down to how many acres are actually going to get harvested. Thursday August 10th is the next USDA Supply and Demand report. We will get updated production numbers on that.