Market News

Corn and Wheat Gain: July 27, 2009

Soybeans spent much of the Monday session lower on good weekend weather and no threats in the forecast. Support came from higher corn and from higher crude oil limiting the downside. There was a 35,000-ton export sale to an unknown destination before the market opened, but weekly export inspections were below expectations. The nearby futures ended the day slightly higher, but all of the deferred months finished the session lower.

After a lower open, corn was higher by the middle of the session and stayed that way the rest of the day. Export inspections were good and that gave a boost to corn. The weather was negative for the market although cool temperatures have done nothing to push development.

Wheat began the day lower but quickly crept higher on weakness in the dollar. The export sector needs to pick up, but the lower dollar continues to provide some optimism. Recent rain helped spring wheat, but Canada needs more rain to avoid lower yields. Export inspections were at the low end of expectations.

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