Corn down 6, Beans down 10, Wheat down 15
Crude Oil- 10.97 down .70
US Dollar- 81.21 up .16
Dow- 16,942 down 40
Beans took some heat today, actually bouncing off the sessions lows and still closing lower by 10 pennies on talk of rains headed for the drier parts of the Midwest next week and with the cooler temps it sounds like there are people who think that the cooler weather will take the stress off enough to get us by until next week. Last night’s crop condition report showed 76% of beans are blooming against 72% on average and 38% of beans are setting pods against the average of 31%. Beans as a whole came down from 73 % good to excellent to 71% good to excellent.
Corn fell lower by 6 pennies today on talk that the rain next week will be just in time. There’s been talk that without any rains recently and the heat we’ve seen prior to this week may have taken some bushels off of corn but for the most part it sounds like corn still has the potential to have record yields. The crop report last night has corn silking at 78% versus 75% on average and the overall rating 1% lower compared to last week’s number of 76%. Funds sold 6,000 today and called that enough. There wasn’t any real concern that the corn crop was headed for the tank before the announcement that we will see good rains next week but now that we have that information there is even less concern over corn being anything short of fantastic.
Wheat took it the hardest today closing the session down 15 pennies. Last night the crop condition report showed winter wheat was 85% harvested and spring wheat is 70% good to excellent with 93% headed which is right in line with last week. The HRW harvest yields are still coming in very nice from the northern states. The export side of wheat is relatively silent there are a few small things going on here and there but nothing really to write home about.