July 31, 2014
Grain Marketing Specialist
Whether forecasts showing precipitation chances being pushed back farther into next week. Temps to remain below normal.
As of 8:00am 2 lower.
Corn modestly lower this morning. Weather is the big player now! Corn is past it crucial stage. We just need some moisture to finish it off. Ethanol production was down about 5,000 barrels. Corn usage is still seen at 10% above last year. Exports this morning expected to be around 40 million bushels. We see support at 3.56 on the Sep and 3.64 on the Dec.
As of 8:00am 3 lower
Soybeans are still a little lower this morning as precipitation gets pushed back into later next week. Any moisture coupled with low temps is seen as a good mixture for pod fill. Export numbers this morning expected to be about 40 million bushels. We see some support at 10.69 on the Nov.
As of 8:00am unchanged
USDA announced a 7.6 million bushel sale of wheat to Nigeria yesterday. Weather remains a factor. Any type of moisture in the southern plains is seen as good for winter wheat planting. Support for the Mpls is 6.07 with KC holding support at 6.12