July 19th 2012
Grain Marketing Specialist
I have attached 6-10 day weather forecast maps. It looks very similar to what we have been seeing throughout this entire rally.
Corn: As of 7:45- 7 higher
The corn market chopped around the bulk of the day before surging late in the session yesterday. This morning Dec corn still looking to test the $8 mark as we fell short at $7.98 as of this writing. Weekly ethanol production falling again to 802 down 19 from the previous week. Export sales at 31.9 short of expectations of 200-550. Prices slowing down demand.
Soybeans: As of 7:45- 30 higher
Soybeans leading the charge higher yesterday and this morning as the realization of what declining yields will do to the balance sheet pushes the market higher. Aug and Nov contracts making new highs. Export sales 135.3 short of expectations of 400-800.
Wheat: As of 7:30- Winter 9 higher, Spring 9 higher
Same ole song for the wheat market. Support from production concerns in the Black Sea Region and Australia along with row crops. Export sales this morning at 589.2 above the expectations of 300-500tmt.