Morning Market Insight

July 2, 2018
Zach Harry
Grain Marketing Specialist


Corn- Down 1-2
Corn Stays Steady down 1 on the overnight after an uneventful Friday acreage and stocks report (chart listed below). The U.S. corn belt temperatures average +6 degrees F to +12 degrees F from normal temperatures through Thursday and Friday. : Today’s USDA Crop Progress report is expected to peg U.S. corn Good/Excellent condition at 75-77% compared to 77% last week and 68% last year.
 
Soybeans- Down 1
The news with beans down 1 is still more of the same  ongoing worries over U.S./China trade relations. November 2018 soybean futures on June 29 closed at $8.80—down $1.54 ¼ vs. the settlement price on May 31. Today’s USDA Crop Progress report is expected to peg U.S. soybean Good/Excellent condition at 71-73% compared to 73% last week and 64% last year.
 
Wheat- Up 5
Wheat is up 5 with some more news of weather mainly dry in the near term in drought looking areas of Russia, Australia, and the southern United States. September 2018 wheat futures on June 29 closed at $5.01 ¼—down $0.41 ¾ vs. the settlement price on May 31.

 

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