Grains in Chicago closed on a weak note today. Mostly following through on USDA report data and a good long weekend forecast had the bulls on their heels as lack of positive news was the feature. With Informa releasing yield estimates today numbers as follows:
Corn yield at 156.3 vs June USDA at 153.4
Corn production at 12.524 billion bushels vs. 12.101 last year
Soybean yield 42 bu/acre vs. June USDA at 42.6
Soybean production at 3.214 billion bushels vs. 2.959 last year
Corn today continuing on the slide although entering EXTREMELY oversold conditions. December Corn closed down 11 3/4 cents. The news keeps talking about a potential record crop. On a brighter note USDA reported export sales this past week at 45.5 million bushel.
Soybeans staying fairly well supported as November Soybeans closed down 9 1/2 cents at 10.06. The USDA announced a sale of 660,000 metric tons of new crop soybeans today. Seems to me soybeans are still the property of choice.
Happy Fourth of July,
Jeff Neisler
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