July 7 2013
Grain Marketing Specialist
After the game changing USDA report last week, we saw grain bearish for most of the week. Both December and September corn was down at least .32 for the week. The report came back with a slight change in planted acres at 91.6 vs the 91.7 that was reported in March. So going forward, the market begins to be a weather watcher, but with close to perfect growing conditions in most of the corn growing areas, it will be tough for the market to react. Livestock Markets did see all time highs last week was the big news.
Soybeans: Up 1-5 to start.
Soybeans were the hardest hit from last week report as August beans lost about .78 and the Nov lost around .945 for the week. Biggest reason for the lost was the planted acres came back with an record 84.8 million acres. With really good growing weather in the forecast in most areas, like corn, the market will be a weather watcher. There are areas that are getting some excessive amounts of moisture thought. But we all know August makes beans. So stay tuned…
Wheat: Up 1-5
The report was mixed for wheat but was put under pressure by the row crops. Sept lost .20 in Minn, .34 in the KC market and .14 in Chicago. We should see Winter Wheat harvest to be around 50% done. We also should see an improvement in the Spring Wheat in today’s crop conditions.