July 10 2014
Grain Marketing Specialist
WASDE Report Tomorrow
Another tough day in corn with near perfect weather and no non-threating stuff in the the forcast in the next few days. Sept was down 7 and Dec downs 6 ¼, pushing it thought the $4 mark.Overnight, we rebounded slightly mostly due to a technically oversold market. Ethonal showed a drop to 927k barrels which is a drop of 26k barrels versus prior week. With the WASDE report tomorrow some are looking at the carryout and expecting USDA to raise it for both old and new crop Also looking to lower the feed/residual.
The Soybean market seems to be in the moive Groundhog Day were we keep repeating the prior day… But overnight we did get some back with double diget gains at least in the August markets. Most extened forcast shoe non threating weather through most of July. But everyone knows August makes beans and moisture will be needed to push us through critical period. Moisture is good for now but rain will be need in areas soon. USDA is expected to be near last months at around 12mb but residual is expected to go negitive.
Wheat markets stuggles along with the row crops as it starts to get comfortable with the world supply. Harvesters are moving north with the wheat wheat harvest as they are seeing better yeilds than expected, but are still poor generally speaking. Friday report is expected to show a slight increase but it will not be a major event.