Corn steady, Beans down 14, Wheat up 7
Crude Oil- 100.27 down .70
US Dollar- 81.42 up .21
Dow- 16,880 down 31
Beans got smacked today, closing the session down 14 pennies and coming to a skid there on news of rains making their way through Kansas and southern Missouri if we could get some of that here everyone would be happy as could be but from what I have heard is that the cool air coming at us from Canada is pushing the rain cells away from us. The cool air is welcomed but the rain would be nice also that story is two sided either way it could always be worse so I guess at this point lets count our blessings. The Chinese didn’t do much today, there wasn’t any news on them making any purchases.
Corn saw both sides of the board today but managed to close steady with basis improving. There is some pressure there with talk of rain making its way through the area. We saw a week of hot and dry and now we’re onto a week of cool and dry before we see any precipitation again because the cooler weather is pushing those fronts away from us. The corn is mostly through pollination however these cooler temps have set things back a bit, I was reading today that it may even push harvest back a little bit, time will tell.
Wheat had a positive day closing the session up 7 pennies. It sounds like exports are working up a bit but I don’t know that it’s anything to get too worried about. The HRW harvest in Nebraska is in clean up mode but is in full swing in South Dakota. Michigan and Northern Ohio are cleaning up the SRW. The wheat around here continues to trickle in I think there are a number of guys who still have wheat on the farm we are anticipating that August 8th will be our last day to take wheat at our elevators around here that is subject to change, St. Louis will be taking wheat longer than that but I wanted to let you all know about that while you still have some time to haul wheat in. After August 8th we will be working as hard as we can to get wheat out before the corn comes in.
Have a good one.