July 29, 2016
Grain Marketing Specialist
Corn: 1 lower
Corn settled lower after a bearish export sales report yesterday. Corn is holding a sideways trend as traders try to figure out how much of a crop is out there as we pass pollination. Weather forecasts suggest decent temps and equal precipitation chances. September corn is holding about $3.30 futures. December corn looks to revisit newestablished low at $3.33.
Soybean: 3 lower
Soybeans are seeing some follow through selling as it reacts to yesterday’s Export Sales Report. The report said that there was a cancelation of 100,000 tons of old crop soybeans. All of the sales, reported yesterday, were for new crop. New crop export sales are now at 360 million bushels. That equates to less than 20% of the expected total to be sold. Weather forecasts suggest no real threat through the middle of August. November soybeans holding around $9.65.
Wheat: 1 lower
Wheat holding its own, for the most part, in the overnight session. The North Dakota Crop Tour ended yesterday. A 45.7 average yield was projected. This is down from the USDA estimate of 46.5 bushels per acre. Traders reacted to European wheat woes a few times this week, but, according to the International Grain Council, wheat production from the US and Russia will offset these potential losses. MPLS September wheat is finding support around $4.82 with KC September wheat showing support around $4.05.