July 23, 2014
Producer Marketing Manager
CORN: As of 7:00 – Steady
Corn futures started the day in positive territory yesterday before turning south again, finishing down 4 on the September contract. Favorable weather and lack of any near term weather threat (aside for Southern SD) is a common theme as the crop continues to develop.
SOYBEANS: As of 7:00 – Up 3
Old crop beans are still showing some strength against the new crop months as we still see export demand for old crop beans amid snug supplies. Like corn, beans were higher earlier in the day before selling off and breaking through the old lows of $10.65 on the November contract late in the trade.
WHEAT: As of 7:00 – Steady
Talk that Canadian wheat acreage may be much below the already low forecast due to record rainfall in June that causes many acres to flood out. Black Sea whecat crop looks to be getting larger. Decent yield are reported in the early HRW harvest in SD. Below normal precip for the next 6-10 days will aid in harvest activities across much of the northern plains.