July 28, 2014
Drew Johnson
Grain Marketing Specialist

Mixed feeling with forecasts being cool and dry as traders figure out what exactly is the conditions of these crops growing in the fields.

Corn
As of 7:55am 3 higher.

Corn is trading higher being pulled by the soybean market. This weekend saw spotty precipitation falling all over the Corn Belt, with SE Iowa reporting localized totals being around 3’’. Crop conditions expected to remain the same. We have seen this corn market remain somewhat steady since last week. We will remain in a modest trading range of 3.58 – 3.70 in the Sep contract, and 3.64 – 3.78 on the Dec contract.

Soybeans
As of 7:55am 14 higher

Soybeans are pushing higher lead by Western Corn Belt dryness, and improved export demand. Traders still betting on a bearish trend, but will be watching precipitation forecasts going into the crucial part of the growing season. The November futures are bouncing around between 10.54 and 11.25.

Wheat
As of 7:55am 5 lower

Wheat was higher, this morning, along with the rest of the commodities, but has since turned south once European trade started. Australian Bureau of Agriculture and Resource Economics lowered the estimated of the 14/15 Australian wheat crop to 24.6 mmt from a March estimate of 24.8 mmt. Drought in parts of Australia is related to a slowly increasing El Nino threat. Wheat is still going to have a tough time pushing higher because of ideas of increasing global supplies and lack of US competiveness.