July 9 2014
Grain Marketing Specialist
Another tough day in the corn market with both Dec and Sept down. Sept settle below $4 for the first time in its life. Preasure still remains from weakness in the beans and near perfect growing weather. With polunation right around the corner that doesn't leave much stress on the crop for now. Dec corn suport is around 3.98, and it has tested that a time or two already, can it hold that? With the S&D report coming out Friday,some are wondering where the carryout will be. Also can the livestock guys push demand with now cheaper corn??
With ideal weather, crop conditions and rumor of china cancellations, put another day of preasure acrros the board on beans, lead by August which was down .24 and November down .09. Market didn’t recover in the overnight with November beans looking at $11 for support. As with corn, eyes are on how much USDA will increase the carryout on Friday, 10-20mb is the range.
The wheat market seems to be at the mercy of corn and beans these days. Chiagco got a small reprieve after Egypt bought a little to close near to unchanged for this session. KC was down 5 ½ and Minny down 4 ¾. Overnight did not fair any better. All the main Spring Wheat growing states looking really good but some have been too wet will that lead to possible quality issues.