A very rough day in the grain markets as fund players and those with corn/soybean spreads pushed the markets lower. The entire soybean complex seems to be folding as the weather and issue of large acres hangs over the market. Old crop soybean cash bids, with the the weaker basis today were down 74 cents while corn lost 9 cents on the board but did manage 2 cents better basis at the end of the day.
Crop conditions were a little supportive overnight to corn and soybeans but quickly gave way today of a limit down soy meal complex and sharply lower soy oil. Since we are in July, the July soybean futures has no limit and they were down 81 cents at one time today. Corn futures were up 6 cents with only 1/2 hour of trading today but were hit hard in the closing 10 minutes.
July weather seems to look non-threatening with warmer weather into the weekend but it won't last long in much of the Midwest. Western corn belt states will begin pollinating at the end of the week and some have already.
Scott Meyer
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