Grain Marketing Specialist
Corn: As of 7:45- 2 lower
This week we moved past the July WASDE report and right into weather. The market traded firm all the way until mid-day yesterday before it broke on some weather models pushing the “ridge” farther west. Soybeans seem to take it on the chin the hardest dragging corn right along with it. The next 2-4 weeks will remain critical for corn development. The 5 day looks to have lessened for now but the 6-10 day still shows hot and dry.
Soybeans: As of 7:45- 9 lower
Nov. beans had a 64 cent range yesterday had most of the industry scratching their head after it stopped spinning. A weather model shift mid-day is to blame. I would expect volatility for the foreseeable future as we all know August makes beans and it’s still July… Stay tuned we will live and die by the latest weather model.
Wheat: As of 7:45- Winter 2 higher, Spring 2 lower
Wheat continues to be a follower as harvest progresses along. Yields and quality remain good. Spring wheat getting started and would be expected to be in full swing within a week. Light export sales reported this week did not help the cause either falling short of the ave. weekly needed to meet expectations.