Grains started out the day on a high note with soybeans trading up as much as 32 cents and corn as much as 12 cents higher. Soybeans saw a higher start with strong export inspections of 37.4 million bushels, higher crude oil and a stronger Dow Jones. As we approached the close buying enthusiasm began to fade as crude oil finished lower, the Dow Jones pulled back, and an updated weather forecast added moisture into the picture for Argentina. Corn continued to show more strength today even as soybeans began to fade, which was likely held up because corn is in pollination in South America and the likelihood that more damage has been done to yields already. Export inspections for corn were on the high side of 27.4 million bushels, though U.S. exports are currently 40% behind last years total inspections. For the day though corn closed up only 3 1/4 cents with soybeans closing unchanged. The market continues to focus on weather conditions in South America as the driving factor.
Chris Spurlock
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