Grain Marketing Specialist
Corn: As of 7:45- steady
Firm export sales, a weak dollar and spillover strength from soy helped corn close modestly in the black. We continue to scratch and claw its way closer to contract highs of 3.69H but unable to breach it. Momentum indicators remain higher as we continue to watch SA weather and the US dollar.
Soybeans: As of 7:45- 1 higher
Export sales showed nothing of a surprise yesterday and NOPA crush number of 163.11 fell below expectations of 165.511. This didn’t seem to matter as South America remains the story. 6-10-day forecast shows little relief for troubled areas. Momentum indicators remain friendly as we touch Dec highs for both old and new crop.
Wheat: As of 7:45- 3 lower
Drought concerns as well as exports sales to Iraq had the complex posting gains yesterday. Drought monitor out reaffirming concerns. Forecast showing mixed relief as we continue to trade in the same 15c range we have seen the last couple of weeks.