July 30, 2014
Grain Marketing Specialist
Continued sell off as ideas now switch to better precipitation chances through the next week in some dryer areas of the Corn Belt.
As of 7:50am 2 lower.
Corn continuing it trek lower this morning. Corn in the Midwest is seen past the critical pollination stage lessening the chance for any weather threat to really harm it. USDA, on Friday, reported fewer cattle on feedlots and a 3% smaller herd than two years ago. Technically we see support at 3.56 on the Sep and 3.64 on the Dec.
As of 7:50am 8 lower
Soybeans continue to head lower after yesterdays reversal. Exports and dry conditions are helping this thing along, but now with cool temps and a better outlook on weather for pod fill, Traders are in sell mode. It will still be hard to push through the lows with export demand actually pushing next marketing year commitments ahead of this year’s record pace. Technically we see some support at 10.69 on the Nov futures.
As of 7:50am unchanged to 2 higher
So far this week we have seen the Mpls take out it’s January lows and the KC wheat index did about the same. Ideas of increased US hard red spring wheat production are keeping prices from going higher. Russia wheat production seems to be on the up and up with reports that Russia is 28% done and has harvested 45.5 mmt of grain. Last year at this time they only had 35.5 mmt. Technically we see holding support for the Mpls at 6.07 and the KC at 6.12