July 24, 2014
Producer Marketing Manager
Green numbers on the screen for a second day in a row!
CORN: As of 7:15 – Up 3
Corn closed up a couple cents higher yesterday after trading lower in the session. The EIA data released yesterday showed weekly ethanol production rates recovering to 959,000 barrels per day. Is this a technical bounce or have we run this thing low enough to spur new/more demand? Private estimates circling yesterday had the US yield around 170 bu/A…..
SOYBEANS: As of 7:15 – Up 16
Beans were strong yesterday as funds quit selling and started buying for the first time in a while. They bought an estimated 6000 contracts. In addition to decent demand for new crop beans, rains are going to be needed in the next few weeks as it goes thru its most critical development stage.
WHEAT: As of 7:15 – MPLS and KC Up 8
The Wheat Quality Council Tour is in its third day across ND today and is seeing a consistent, yet later maturing crop across most of ND……shouldn’t be a surprise given the WET spring they had! Most yield surveys so far are in the mid to upper 40’s range.