Corn down 3
Beans down 5
Yesterday, the September corn contract closed 5 ¾ cents lower settling at $4.11 ¼, and the December contract closed 6 cents lower at 4.21. Funds were sellers yesterday, with positive weather for corn pollination. Everyone seems to be holding on for a friendly August 12th report with yield reductions and acres reductions, but we could see a drastic stumble if that doesn’t materialize, especially with slowing ethanol production.
The August soybean contract closed 7 cents lower settling at $8.78 ¾, and the November contract was 7 ½ cents lower closing at $8.96 ¾. Positive weather forecast and no trade deal continues to pressure soybeans, again bulls are pointing to the supply problem and the August 12th report, but in the end, the demand picture needs to be looked at.
Don’t forget that Price Laters are coming due August 16th, call your local Grain Marketing Advisor to find out your options. Also, don’t forget to put offers in for the August 12th report, this is a great opportunity to capture knee jerk reactions to the report.