July 17th 2012
Grain Marketing Specialist
Corn: As of 7:30- 4 higher
A crop rating decrease of another 9 pts good/excellent lead to a surge to a new contract high last night of 7.88 1/4 on the Dec contract before leveling out this morning. Rating nationally down to a dismal 31%g/e with the most notable weekly decline coming out of South Dakota dropping 23pts to 37 g/e. Little relief seen in the forecast as we approach the all time high of 7.99 1/4.
Soybeans: As of 7:30- 5 lower
Soybean ratings dropping last night 6 pts to 34% g/e nationally, continuing to pressure an already tight balance sheet. Thoughts of a sub 40 bu’s national average and a reduction of harvested acres look to support this market as we debate at what point we ration enough demand.
Wheat: As of 7:30- Winter 1 higher, Spring 4 higher
Spring Wheat condition dropping 1% to 65 g/e. Wheat continues to be a follower and looks to be well supported by row crops.