Closing Markets: Corn +6.50 old & +6.75 new.
Beans +9.25 old & new. Wheat +12.75.
Marketing Recap-
Corn Summary-
The corn market ended the week in the green on Friday, with short covering presumably the dominate theme throughout the day as news remained rather quiet. We've talked about it all week, but its just all about US crop sizes at this point and weather forecasts that are contributing. It seems there's some kind of value just below the $4 mark, which the looks to be the short-term support level going into next week. On the upside, initial objectives will be the gaps left last week, with the July highs the next target above here.
Soybean Summary-
Like corn, news in the soybean market to end the week was rather quiet, with their not being a lot in terms of headlines that had much of an impact on prices. Soybean oil started the morning at new highs for the week, but was unable to sustain the buying as the two-day sprint finally ran out of gas. It will be interesting to see which side of even the fund position comes down on this afternoon, as managed money continues to not have a lot of interest in building any sort of sizeable position in either direction.
Wheat Summary-
The wheat market was the strongest of the bunch on a percentage basis on Friday, though there also wasn't a lot of anything specific here to blame the buying on. Like corn, short covering was likely a feature throughout today, with funds likely banking some profits from the rest of the week's down move.
Outside News Headlines-
Crude oil futures down $0.05-0.10/bbl.
Weather Updates-
According to the 12Z GFS run, weekend rainfall is expected in a range of 0.5-1.5", with the best totals expected through IA, N IL, IN and OH. The rest of the Corn Belt outside of these areas will see spottier precip, with totals likely not amounting to more than a couple tenths.
Temperatures over the next few days will be mixed, with cooler air lingering in the northern and northwestern parts of the Corn Belt, while the southeast returns to warmer weather, especially into next week.
Looking to next week and into the end of the month, thunderstorm activity is expected to remain common throughout the Midwest as a southwestern high pressure ridge continues to shunt flow to the north and east. Rainfall next week according to the models likely favors the northern Corn Belt, with the Dakotas/MN/WI seeing the best potential.
Temperature forecasts this afternoon are little changed from previous days this week and continue to show average to slightly above average warmth for most all of the US in the 10-15 day period, with the warmest temps seen staying generally west of the Rockies.
Enjoy it!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
