June 24 to August 5
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Good Afternoon: Corn futures traded lower today on fund selling sparked by a better forecast for much of the Cornbelt. As of midday, funds were estimated to have sold approximately 12,000 contracts of corn. While much of the U.S. is presently experiencing excessive heat, temperatures are expected to break by the end of the weekend. Precipitation chances also look better as well. Both of which are considered favorable for crop development. Slow export demand off the PNW & the gulf also hangs over the market, as traders become increasingly concerned with import buyers passing on U.S. offerings in favor of lower priced offers. This morning’s weekly export sales were certainly not impressive at 7.9 mln. bu. This is below the roughly 13.6 mln. bu./week total “needed” the balance of the marketing year to reach USDA’s annual forecast. The December corn contract is vulnerable to slippage at swing low support ($4.30 ¼) to $4.20 ½. Soybean futures traded both sides of unchanged and ultimately ended the session mixed as choppy, consolidative trade continues. Trendline support for November soybeans comes in at $8.95 ¼. On the upside, resistance remains at $9.18 ¼ - $9.18 ½. Fresh news remains scarce in beans as market participants await more clarification on acreage & yield. In trade news, despite a phone call scheduled for this morning recent indications suggest progress toward a U.S./China deal has stalled while the Trump administration determines how to address Beijing's demands to ease restrictions on Huawei Technologies. In addition, China continues to demand that the U.S. drop all existing tariffs on Chinese goods for talks to continue, while President Trump says that he could impose tariffs on an additional $325 bln. in goods, if needed. Talk was circulating today that China has been a buyer of S. America beans this week for Aug/Sep but there has been no indication they are interested in buying U.S. soybeans. This morning’s weekly soybean export sales report showed a dismal 4.7 mln. bu. of beans sold in the week ended 7/11. It was interesting to note that USDA lowered last week’s bean sales to 2.6 mln. bu. and without this revision, this week’s sales would have only totaled 2.4 mln. Wayne Kollis - Melissa Peters - Mike Rosenberg - Matt Zeman - Austin Behrendsen
Thu 7/18
Fri 7/19
Sat 7/20
Sun 7/21
Mon 7/22
High
93 F
91 F
78 F
76 F
Low
70 F
72 F
65 F
60 F
58 F
Precip
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30%
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