Soybeans off to the races again this morning as July and November futures trade above yesterday’s highs. Corn and wheat trying to follow beans but are not having much luck so far. The dollar up gain today and currently up over 340 with crude oil screaming $2.00 higher. The trade expects the corn crop to be over 60% planted on Monday’s update. Weekly export sales were 30.3 million corn, 30.0 million soybeans and 6.6 million wheat for old crop on all commodities. Another strong export number for old soybeans, but the old crop corn number was less than expected by the trade. After briefly trading above yesterday’s highs, Soybeans have sold off and are now slightly lower at 9:15am. We saw this type of trade on beans yesterday, but they did bounce back to close slightly higher. Stay tuned! Pressure on grains today as the dollar now trading up over 550 at 10:50am. Crude oil still higher but now a dollar off the high of the day.
I commented yesterday that the market displayed signs of a move to a lower trade. However, the strength early this morning started to make me think that I might want to re-evaluate my thoughts. Apparently, the funds wanted one last push higher before turning sellers. So, here we are at 11:30am and soybeans are leading us lower with double digit losses. July beans currently down $.16 as profit taking has set in and we are trading below yesterday’s lows on beans, corn and wheat. Today turned out to be a bad day for soybeans. July soybeans posted an outside trading day with a sharply lower close. July beans closed down $.2175 at $10.1225. Somebody said “Show me the Money” but unfortunately we saw it leaving the bean market instead of supporting higher trade. To compound matters cash basis levels for soybeans were 6-7 cents weaker as well. July corn closed down $.03 at $3.7375 with December down $.035 at $3.815. July wheat closed down $.08 at $4.6325. This wheat market is more dead than my dog and he died almost two years ago. Market looking for the planting progress update on Monday and the USDA report next Tuesday. See you again tomorrow.