Good afternoon, Corn found some support today as news that an airliner had been shot down in Ukraine. With Ukraine being a major competitor on the global market on corn and wheat exports we saw a big initial push that later fizzled out as the day progressed. Blame over the fallen plane is being passed back and forth between Russia and Ukraine. Weekly exports sales came in with corn totaling 22.6 mln. bu. which brings yearly totals to 1.986 bln bu which is following USDA’s estimate of 1.9. It appears that we will be carrying some sales into the new crop in September. However, total corn sales for 14/15 are only 64% of what they were a year ago at this time. Not much change in the normal weather forecasts. Soybeans did witness a small rally on news of the downed plane in Ukraine but also failed to retain any strength. A very large new crop sale of 26 mln. bu. to China was the biggest piece of news that the trade dealt with besides the downed airliner. Weekly export sales of 1.4 mln. bu. of old crop and 20.6 mln. bu. of new crop were mostly in line with trade expectations. This large bean sale took new crop sales nearly to levels that we saw one year ago at this time. Funds purchased up to 6000 contracts of soybeans today. Adam Bauer Grain Originator Western Grain Marketing Cell:309-333-7617 Office:309-653-2650
Posted on: Thu, 17 Jul 2014 20:36:40 +0000