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Commentary

Grain Commentary By Jeff Thatcher

Wednesday July 15th
 
Corn: +1/4
 
The corn market traded slightly lower throughout the day before finishing mostly just fractionally higher.  Both the September and December contracts gained a quarter cent today after a very quiet session.  Strong wheat and soybean markets helped to push corn higher late in the session.  Today’s energy report was supportive with a small increase in production levels, but they remain nearly 13% below last year’s rate.  Ethanol stocks were steady on the week with levels still well below last year.  The current ethanol run rates would indicate that the USDA still needs to make more reductions to their corn for ethanol demand estimate. 
 
Soybeans: +8 ¼ to +5 ¼    
 
Soybeans traded higher again today with values finishing with moderate gains.  Nearby soybeans led the way higher with the August contract gaining just over 8 cents.  The November contract finished just over a nickel higher today as some soybean bids rolled to the November contract today.  Soybean products were also higher with soybean oil gaining over 30 points.  Rumors of more Chinese new crop purchases helped to support today’s market along with a solid NOPA crush report.  The June crush of 167.3 million was easily a monthly record and well above the trade’s estimates.  Crush margins margin have been under pressure recently, but it appears the USDA crush forecast is very feasible. 
 

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