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July 28- Still no traction. Wheat futures down 3-5c early after obtaining up 6c overnight. Corn futures down 3c and Beans down 2c. Corn & Beans will still come under pressure. Speculators have record wheat short on and about even feed grains. French and German reduced wheat yields disappointing as too much rain in May & June. French wheat futures hit 7 mo high & then crashed 40c past 5days. This reduction will be mostly offset with increased Black Sea yields though. PNW experiencing record wheat yields. Corn futures were down 17c & beans down 70c last week..
Weather market still on but the window of yield loss getting smaller. Wheat harvests are big & thinking feedgrains have a good chance to harvest big crops also.. US Dollar on the rise again and Black Sea countries selling wheat really cheap. Volatility will cause 30-40c swings but up is hard to achieve and maintain. Good carries in the market to sell... SW protein definately lower and more normal this year so the low pro premium is about gone..
US wheat export pace this year projected to be 16% better than LY but we need more sales with these big crops. US export sales for week ending Jul 21 neutral at 18.6 mil bu wheat, 25 mil bu beans, and 36 mil bu corn. US Dollar on a big rebound up which will dent in US exports again..
TCG Pasco Elevator Hours 7 am - 9 pm Mon thru Sat. 8 am - 5 pm Sunday TCG Burbank Elevator Hours: 8 am - 8 pm Mon thru Fri.
During Saturday, additional showers with light to moderate rain will be in effect over much of the central and southern U.S. along with generally seasonal temperatures for most grain areas. » More DTN Weather Commentary