Market News

Corn, wheat continue to slide

Soybeans were mixed Friday, but ended the week 29 3/4 cents lower.  The delayed export sales report showed some support for soybean sales, but nothing that was too impressive, especially when it comes to new crop sales.  Soybeans continue to watch weather and with some rain in the extended forecast for some parts of the Corn Belt, while other areas remain saturated.  The trade also continues to monitor crop projections in southern Brazil as flooding concerns could be waning.  The USDA’s acreage report comes out Friday and there is some expectation that soybean acres could increase. 

Corn closed lower Friday after starting the day modestly higher.  Selling continues even as the market remains uncertain about the potential corn crop for 2024.  There’s a lot eyes on next week’s Planted Acreage repot from the USDA, but that will only provide a partial answer.  There are still acres that could have been lost or switched to other crops as parts of the country remain very wet and very saturated.  Demand has been relative active, although this week’s export sales report wasn’t very supportive.  The Buenos Aires Grain Exchange estimates 49 percent of the corn crop has been harvested and has maintained is production estimate at 46.5 million metric tons. 

The wheat complex continues its slide and the July contract recorded its fourth consecutive week with a loss.  The trade continues to watch crop development weather in the US and the weather situation in the Black Sea Region.  Winter wheat harvest will likely continue to make decent progress this week.  Exports of U.S. wheat have been sluggish, but are showing some flashes of optimism. 

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