Grain News – You Are Our Number ONE Commodity
On a positive note the sun is shining, and the combines are rolling through the fields. The drier forecast and dismal export numbers sent the markets lower today. Beans were down 2.5% for the day, with corn and wheat down 1%. Soybeans fell through support at $8.71. The next support is $8.52. There are reports small amounts of damage due to weather.
Corn prices also were down due to harvest pressure and bearish export data. If drier conditions stay drier and harvest pace speeds up that will apply more downward pressure on the market in the near term. The extended weather maps look wetter so after bean harvest there may be another delay.
Wheat prices continue to move lower on spillover of corn and soybeans. Wheat export of 18.1 million is behind the weekly rate needed to match USDA forecasts.
It seems like the focus of the market continues to be the large supply and little on the demand side. Right now, the markets are under extreme harvest pressure and react accordingly. At some point the market will turn to the demand issues more than the current supplies.
Please take the time to be safe this harvest season. You are our number one commodity!
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