July 2nd, 2015
Grain Marketing Specialist
Markets close at noon today, and will be closed all day tomorrow. Have a safe and happy 4th of July!!
Storms are moving across the plains this morning, and the 6-10 weather outlook has more precipitation for the already saturated Ohio River Valley and the States of Kansas and Missouri. Ethanol production was down for the week. Export sales numbers, came in at 32.8 million bushels. 23.4 million of that was old crop sales. This was up from last week, and in line with USDA predictions. Corn has the possibility to sustain these price levels, but it all depend on the weather going forward.
Export sales this morning came in at 4.3 million bushels. All were new crop sales. Note worthy news! There was a cancelation of 400,000 bushels of old crop soybeans. The recent stock report suggests these price levels have the ability to hold. It will all depend on the weather.
Export numbers this morning came in at 13.4 million bushels. This was below the number needed to keep pace with USDA predictions. Wet weather continues to plague winter wheat harvest. Germany is hot; Russia and Kazakhstan are receiving beneficial rains. Wheat is now a follower.