Corn: A weak close below $4.50 which is not impressive. USDA did announce a 180,000 m/t sale to Columbia this morning with the market non-plushed. Feels like the market is heavy. Yesterday’s strength and midsession strength today gave hope to the bulls but the close definitely damped the fire. Quarterly stocks report is next Monday which may lighten the selling the remainder of the week.
Beans: modestly higher but well of the overnight highs. $13.21 to $13.26 will be tough resistance short term. Saw some yields in dry areas of Minn and Iowa in the mid 45’s and higher which is above expectations. If that trend continues a new leg down may occur. Volume light in all the grains.
Wheat: Not a bad day closing near session higher. Wheat still hasn’t gone anywhere but its ability to hold contract lows and bounce when corn was putting in new session lows indicating a lack of selling at current prices.