Grain Marketing Specialist
Corn: As of 7:45-steady
Corn continued its slide lower touching the 3.47 cz7 area as the market searches for something new to talk about. Effects of Hurricane Harvey are being debated as rainfall pushes inland as Delta harvest is ahead of schedule. Corn crop being reported as 44% dented vs 57% last year and 51% for the 5 yr. ave. leading to thoughts of damage from an early frost. With a cooler/drier forecast seems to worth mentioning. Flash sale of 226,000 metric tons announced to Mexico was seen as routine business.
Soybeans: As of 7:45-steady
Ample moisture and favorable weather for development for most areas seems to be keeping a lid on this market. 6-10 forecast looks below ave. temp and moisture. The announcement of 198,000 mt sold to China did not seem to shake things up much. For now, we will continue to debate yield estimates until we have some hard data. Reality is that ultimately we are looking a carry out that is unlikely to get the bulls real fired up.
Wheat: As of 7:45- 2 higher
Harvest pushes forward in North Dakota as the market keeps hearing about better than expected yield and variable protein. Egypt was in tendering for wheat yesterday with the winners being Russia for 295 tmt and Ukraine for 60 tmt. US looked to be about $8 /mt away from the business. Stats Canada production estimate out today with the ave guess of 26.2 million tons. Overnight we looked to trade a 5-7 cent range, a little higher a little lower on limited news.