MarketEdge PM Comments

(Taylor Bensenberg)

Good afternoon,
 Grain prices were in the red again today. July corn closed down 19 ½ at 5.8150 and December corn closed down 12 ¾ at 5.3075. July soybeans closed down 11 at 14.0375 and November beans down 11 ¼ at 12.5550.
 

• Favorable planting conditions across most of the corn belt this week and next is making it hard for grains to find positive momentum
• This morning the USDA announced that China canceled a 12-billion-bushel export order which is causing demand concerns
• December corn broke through the key support that we had held for over a year
• International demand for beans has softened and there is more competition in the oilseed market this year
• Soybean crush margins are tighter due to the fact most buyers are covered and are waiting for prices to come down before locking in more tonnage

 
Have a great night!