Grain Marketing Specialist
Corn: As of 7:45- 1 lower
The corn market last weak continued to leak lower as nonthreatening weather and forecast have funds adding to their short. New lows again last night. Pro Farmer estimated out at 167.1 vs. USDA 169.5. The question now is will we see any changes come the Sept. report? Hurricane Harvey dumping as much as 30”’s in areas. Remains to be seen how this will affect shipping but would anticipate delays. As far as crop lose is concerned most corn/milo has been harvested in the worst areas and little soybeans produced there. Crop ratings tonight expected to be give or take a point from last week’s 62% G/E.
Soybeans: As of 7:45-1 higher
Soybeans stabilizing and even slightly working back into positive territory by weeks end last week. Pro Farmer tour ending with a national yield estimate of 48.5 bpa vs. USDA of 49.5 (hardly bullish). Western corn belt receiving roughly an inch over the weekend helping finish that crop off. Technically all 3 of my indicator have turned bullish but fundamental’s will weigh heavy on this thing.
Wheat: As of 7:45- 3 lower
Very limited news over the weekend to support the wheat market. Ideas of quality issues just doesn’t want seem to be reality of yet in any sort of big way. Spring wheat harvest expected to be at 75-80%. We continue to struggle to stage any kind of a sustained rally as large stocks/use ratios keep a lid on things. Hurricane Harvey looks slow early HRW planting.