The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
Dustin works with a wide net of large producers throughout the Midwest. His analytical market approach and objective hedge strategy development is specific to the needs of every individual.
Today the market had new crop Corn, Soybeans and Chicago Wheat all lower by the close. Export inspections all came in below expectations this morning. A stronger Dollar today and weaker energies also contributed to today's weakness.
December corn settled 3 ½ cents lower at $3.91 ¾. Corn has held good resistance below $4 and continued that trend today. Crop ratings for corn came in up 2 points in the good/excellent category to 73%. This was expected to drop a percent so this could be seen as bearish to start tonight's trade. Crop ratings for soybeans came in as expected and dropped 1% to 65% good/excellent.
As far as weather goes there is concern of a ridge setting up in the 11-15 day forecast. Currently there is plenty of moisture in the Midwest and Delta so we are not too concerned at this point but it is something to monitor. Friday's USDA Supply and Demand Report was neutral but last week's export sales were good and helped provide support. July grain contracts go off the board on Wednesday and could be volatile especially for beans.
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Should one sell last years 12 protein whea a t. Its a little over three dollars now is this a bargain. $1.50 discount for protein. Winter wheat is fetching a better price. But you can get .25 cents more per rbushel for top grade 15 pro.