Soybean futures firmed on continued strong U.S domestic basis and good weekly US export sales.Positive crush margins in the US and China also suggest solid soy meal demand and possible higher US soybean crush if the soybeans are available. US domestic soybean basis continues to firm but so far farmers are reluctant sellers of old crop soybeans.
Corn futures closed slightly lower on the day July was down 2 cents with new crop December down only 1 cent.The latest weather forecast has rain returning to the eastern Midwest early next week. However we could see a return to drier weather later in the week which helped pressure corn corn futures on Thursday. The initial estimates for next weeks crop progress report have 80 percent of the crop planted which is above Mondays 62 percent but still well below the 5 year average. Traders seem content to hold on to their positions until more is known about this crop
Chuck Peterson
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