July 8 2014
Grain Marketing Specialist
The sell off continues as weather is still cooperating and looks good in the extended forecast. This is mostly spec selling as farmer selling has come to a standstill. Both September and Dec corn was down .09. The lowest since August of 2010. Exports were decent coming in at 42.5mb. Crop Conditions came back strong with corn at 75% G/E. With SD up 1% at 80% G/E.
Soybeans: 2-5 Lower
The bean market has been the one to take the biggest hit in the last few days as the market was down again yesterday. Nov was down .08 cents. With this year’s crop in good condition add on a recorded planted acres, we have a potential to see a record soybean crop IF July weather extends into August. Exports were small but still a positive at 2.2mb. Crop conditions was unchanged from last week at 72% G/E with SB up 2%.
Wheat: up 1-5
Wheat is not immune to the selloff, after being firm on Thursday, it gave it all back and some change yesterday. Chicago down 22, KC down 17 and Minny down 10. The pressure has come from a great harvest weekend and weakness in corn and soybeans. Word is that yields are coming back better than expect in areas of Kansas but still nothing to impressive. Exports were around 15.3 mb. Winter Wheat harvest is around 55% done. Average is around 60%. Crop conditions on Spring Wheat is around 70% G/E