Afternoon Grains

WASDE does not surprise

For the week: July Corn –4.75, July Soybeans +34.0, July Wheat +11.75, December Corn -10.75, November Soybeans +20.5

June WASDE came in pretty much in line for both corn and soybeans. The USDA dropped some old crop export demand for both corn and soybeans which was a surprise to no one. They lowered Argentina’s corn and soybeans but bumped Brazil’s numbers. The markets did not react much from where they were before the release. The market now has one focus and that is the weather forecast for the next 6 days. If we do not see the forecasted rains over that time, we will see higher prices next week. Soybeans got some good news with a flash sale of old crop exports to unknown buyers. They also have gotten into some technical buying above 13.75 in July. We will be looking for some follow-through in July and November as well as finishing above 12.00 for the first time since mid-May. We will have our eyes on the heavens the next few days to see what Mother Nature has in store for us. Have a good weekend. NFC Grain Afternoon Comments. (18)

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