Morning Market Insight
July 23, 2012
Grain Marketing Specialist
As of 8:20amOld Crop down 18 New Crop down 15
Corn coming off its recent highs on forcasted rain and cool front coming in torwards the end of the week for the northeastern corn belt. Trade is still suspecting crop ratings to decline tonight to reflect the 1988 levels. Another 9 point weekly corn rating decline like last week would find the crop rating at 22 percent g/e, which is only 2 points better than that of 1988. Technical Indicators or still bullish.
As of 8:20am Old Crop down 36 New Crop down 39
Pressure on the beans this morning with South American estimating new crop soy to be up to 82.3 verses the USDA’s projections of 78. With this projection of soy production South America could see a 1.2 billion bushel increase. This still does not curb ideas soybean stocks in the western hemisphere will remain record tight. Indicators are bullish.
As of 8:20am Spr. Wheat down 16. Win. Wheat down 24
As it has been for the last few weeks wheat keeps following corn. The only news tidbit I can find is that non China/India wheat stocks are tightening to lowest levels since 2008. Wheat will contiunue to follow corn.