July 31, 2017
Producer Marketing Manager
CORN: As of 7:45 – Down 5
Corn gapped lower overnight on cooler forecasts for the main growing regions of the US. The 6-10 day forecast is adding more moisture for the Midwest. The trade is anticipating another drop in Good/Excellent rating in this afternoon’s report by 2-3 points…..we’ll see. The Dec futures contract has quickly retreated to the lower end of the trading range.
SOYBEANS: As of 7:45 – Down 14
Much like corn, the cooler forecast for August and the rains added into the 6-10 day forecast had the market retreating overnight. Most of the large selling happened in the first few minutes of the overnight session. Looking for ratings to drop as well.
WHEAT: As of 7:45 – MPLS Down 7, KC Down 5
Harvest of HRS gets going in the Dakotas on what was not abandoned or cut for hay. Quality seems to be good with heavy TW and adequate levels of protein…..as expected.