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Commentary

Grain Commentary By Jeff Thatcher

Wednesday July 8th
 
Corn: +2 ¾ to +1 ¾
 
The corn market spent much of the session trading slightly lower before firming late in the morning and ending with a modest gain.  September futures led the corn market higher, gaining nearly 3 cents on the day.  The December contract finished almost 2 cents higher after trading a nickel lower overnight.  Spillover strength from a sharply higher wheat market and a slightly drier mid-day weather update helped to bolster corn near the end of the session.  Today’s energy report was mostly support as ethanol production ticked higher for the 10th straight week.  Ethanol stocks did show a modest gain for the first time in many weeks with ethanol production levels now running near 13% behind last year. 
 
Soybeans: -4 ¼ to -5 ¼  
 
Soybeans traded lower much of the session before ending with a modest loss.  Both the old and new crop contracts finished the day 4-5 cents lower in what was a quiet trading session.  Soybean products were also lower today with both soybean oil and meal closing moderately lower.  Fund selling was said to be behind today’s move along with another day lacking any new export sales announcements.  Brazil’s CONAB increased both their soybean crop size estimate and export projection in their morning report.  Traders are expecting old crop sales of up to 30 million bushels in tomorrows update.