Grain markets were higher overnight. Following the overnight session, corn had no change, soybeans are up two cents, and wheat is fifteen cents higher. Today in Drayton we are only receiving wheat. Please call stations for hauling schedule.
Corn closed unchanged this morning after trading a narrow two cent range overnight. Corn found some profit taking overnight but forecasted rains provided pressure. December corn was able to stay above yesterday’s low of $3.67 with the next levels of technical support at $3.65 then the contract low of $3.58. Look for mostly lower trade today as rain is forecasted to cover the majority of the Midwest.
Soybeans traded two sided overnight closing this morning just below the session high of $9.27. The market found some price support overnight on profit taking and technical buying. The next major technical support levels for the November contract are $9.07 and $9.03. Look for mixed to lower trade today as August rains will pressure the market but improving demand will likely limit losses.
Spring wheat rebounded overnight closing this morning up fifteen cents. The wheat market was higher overnight on profit taking and an overdue correction. The rains across the Dakotas and Minnesota overnight could be doing more harm than good on spring wheat. Additional rains could cause a drop in test weight. Look for higher trade today on strength from the overnight session.
If you have any questions or know anyone who would like to receive this email, please email me at email@example.com or give me a call at the office at 701-454-3351. Have a great day!
|Futures markets as of 8:30 AM|
|Kansas City HRW:||KWEU17||4.28||+0.01|
|CHS Drayton Cash Prices|
|Spring Wheat:||6.14||-0.60 basis||Aug||Delivered Drayton|
|Winter Wheat:||3.68||-0.60 basis||Aug||Delivered Drayton|
|Corn:||2.65||-0.90 basis||Aug||Delivered Drayton|
|Soybeans:||8.16||-1.10 basis||Aug||Delivered Drayton|
Spring Wheat Protein Scales
-.06 cents ea. 1/5 down from 14.0% to 13.0%
-.06 cents ea. 1/5 down from 13.0% to 11.0%
+.02 cents ea. 1/5 from 14.0% to 15.0%
Any information, materials and opinions (together, “CHS Materials”) presented by CHS to the recipient of such CHS Materials, whether in written or oral form, is for general information purposes only and does not constitute legal or other professional advice and should not be relied on or treated as a substitute for specific advice relevant to particular circumstances. CHS makes no warranties, representations or undertakings, whether express or implied, about any CHS Materials (including, without limitation, any as to the quality, accuracy, completeness or fitness for any particular purpose of any CHS Materials). Recipient agrees that CHS shall not be liable to recipient relating to or resulting from the use of any CHS Materials or any inaccuracies or errors therein or omissions therefrom.