Pro Farmer

Good morning! Grain futures weaker overnight… At 6:00 a.m. CDT, December corn was down 1 3/4 cents. November soybeans were off 1 1/4 cents. September soybean meal was down $2.30 and September bean oil was 98 points higher and hit a five-week high. December SRW wheat was steady and HRW wheat was 2 1/4 cents higher. The grain futures markets are seeing a late-week pause, some profit taking from the shorter-term traders and some technical chart consolidation following recent gains.

An indicator of economic health in 10 Midwestern states turned negative in July, According to the July survey of bank CEOs in rural areas of a 10-state region dependent on agriculture and/or energy, the overall Rural Mainstreet Index (RMI) sank below growth neutral for the fifth time in the past six months. Readings range between 0 and 100 with 50.0 representing growth neutral.

Corn: December corn fell 5 1/2 cents to $4.64, near the daily low after hitting a six-week high early on. The corn futures market today saw routine profit-taking pressure after recent good gains. The market was due for a decent corrective pullback. A firmer U.S. dollar index today also worked in favor of the corn market bears. Soybeans: November soybeans fell 6 3/4 cents to $11.95, nearer the daily low. September soybean meal rose $2.90 to $320.50, nearer the daily high and hit a six-week high.

The July 14th drought monitor shows 65.7% of the U.S. is experiencing abnormal dryness or drought, down 1.2% from the previous week, with 46.5% in D1 level drought or higher, down 0.7%.Currently 19% (unchanged) of corn acres are in D1-D4 drought with 18% (down 1%) of soybean acres, and 24% (up 5%) of spring wheat acres also impacted. For livestock, 44% (down 1%) of the U.S.cattle herd is in D1-D4 drought conditions with 31% (down 1%) of dairy cattle also in drought.

GRAIN CALLS Corn: Steady to 2 cents lower. Soybeans: 2 to 4 cents lower. Wheat: Steady to 2 cents lower. GENERAL COMMENTS: Corn, soybeans and wheat each pushed to fresh for-the-move highs overnight before turning lower on profit-taking. Wheat spiked to a high on big volume, leaving some concern of an exhaustion move, so today’s close will be important. Front-month crude oil futures are trading higher this morning and are back above $80.

Good morning! Grain futures firmer overnight… At 6:00 a.m. CDT, December corn was up 1 3/4 cents and hit a six-week high. November soybeans were up 4 cents. September soybean meal was up $2.20 and September bean oil was 15 points higher. December SRW wheat was up 6 1/2 cents and hit a two-month high. HRW wheat was 2 1/2 cents higher and also hit a two-month high.

Corn: December corn rose 9 cents to $4.69 1/2, near the daily high and hit a six-week high. The corn futures market today saw fresh technical buying from the speculators as a price uptrend remains in place on the daily bar chart. Soybeans: November soybeans rose 10 3/4 cents to $12.01 3/4, near the daily high. September soybean meal rose $2.60 to $317.60, nearer the daily high. September soybean oil rose 52 points to 72.18 cents, nearer the daily high.

GRAIN CALLS Corn: 4 to 6 cents higher. Soybeans: 1 to 3 cents higher. Wheat: 20 to 22 cents higher. GENERAL COMMENTS: Wheat led strength overnight as tensions in the Black Sea continue to rise. Corn followed wheat higher while soybeans saw action on both sides of unchanged. Front-month crude oil futures found resistance at $80 and are basing below that mark while the U.S. dollar index is down around 50 points this morning.

Good morning! Surging wheat leads grain futures higher overnight… At 6:00 a.m. CST, December corn was up 6 cents. November soybeans were up 6 1/2 cents. September soybean meal was up $1.10 and September bean oil was 53 points higher. December SRW wheat was up 22 3/4 cents and HRW wheat was 25 1/2 cents higher, with both markets scoring seven-week highs.

Corn: December corn fell 2 3/4 cents to $4.60 1/2, near mid-range. The corn futures market today saw a modest corrective price pullback from recent good gains. Soybeans: November soybeans fell 3 3/4 cents to $11.91, nearer the daily high. September soybean meal rose $1.00 to $315.00, near the daily high. September soybean oil fell 49 points to 71.66 cents, near the daily low and hit a four-week high early on.