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Rain Chances, Global Tumult Sink Grains Tuesday

Jeff Caldwell Updated: 07/29/2014 @ 6:08pm Agricultural content creator and marketer.

After a higher day for corn and soybean futures on Monday, it was a Turnaround Tuesday that saw all three major grain pits -- corn, soybeans, and wheat -- duck into the red and stay there the entire open outcry session on Tuesday.

At the close, nearby corn futures were 5 3/4 cents lower per bushel at $3.76 1/2, while nearby soybeans were 12 3/4 lower at $10.95, and nearby wheat was 14 3/4 lower at $5.20, according to Barchart.com.

"The larger losses came in the day session after some weather maps indicated better rain chances for next week," says Cargill senior grain merchandiser in Eddyville, Iowa, Ray Jenkins. "At one point, corn futures were down 9 cents, but managed to trim that to “just” 5- to 6-cent losses on the day. Soybeans and wheat showed similar negativity, with beans down 11 to 14 and Chicago wheat down 11 to 14 cents."

On top of rainfall potential in the nation's center -- where rain is starting to be badly needed by crops that haven't seen many drops through much of the month of July -- global factors including tumult in eastern Europe and ongoing speculation about the monstrous size of the row crops back in the States continue to pressure the grains lower . . . especially in the absence of potentially bullish news besides fleeting speculation that mounting dryness might cause crop problems down the road.

"One of the X factors in global wheat markets is the belief that the Russian wheat crop may be larger than currently projected AND they may want to push wheat into global marketing channels ahead of possible trade disruptions due to the conflict in Ukraine," Jenkins says. "There are plenty of news stories to choose from these days, ranging from how to store a super-sized corn crop in plastic bags to the discussion about second ears developing on cornstalks -- and whether this 'could' be the year some actually develop into a legitimate ear of corn.

Will Corn & Soybean Yield Models Continue Decline?

Published: July 29, 2014

This week showed the first yield model declines in many weeks as corn and soybeans are starting to get stressed in the corn belt from lack of rain. If that 8-14 day forecast verifies and the wetter forecast arrives, grains will have further to go down as pollination of corn and bloom of soybeans ...

7-29 Weather Update

Published: July 28, 2014

Good Evening Guys. The Gulf remains shut off from the Midwest the next 10 days, the benificiaries will be, still, NE, KS, and OK which all look to pick up meaningful rainfall, in several installments, over the next 10 days. I did pass my written tests today, the first one I got 100% on, the second one I got a bit sloppy and was getting a bit tired after 225+ questions, and only scored a 94%.

OptionEye - Macro Outlook - July 29th

Published: July 29, 2014

Good morning. Corn down 3, beans down 12 and wheat down 2. The dryness story doing the rounds yesterday giving things a boost in a very thin trade. In other news the traders are all waiting for a slew of reports this week to give us an idea about how well the economy is doing. Stocks are higher on good earnings from Merck.

China Corn Ban Perplexes U.S. Industry

Published: July 29, 2014

How can the U.S. regain the China corn import market. The import ban that began in November 2013, following the detection of MIR 162, has caused upwards of $4.0 billion of losses for the corn and soybean industries, according to industry economic studies. Darci Vetter, USDA's Chief Ag Negotiator says the agency is attacking the issue at all levels.

still good

Published: July 29, 2014

Farmers bidding against each other . 60% of the time, it works every time. "Political correctness is a doctrine, fostered by a delusional, illogical minority, and promoted by mainstream media, which holds forth the proposition that it is entirely possible to pick up a piece of dung by the clean end.".

Wheat Leads Grains Lower in Tuesday A.M. Trading

Published: July 29, 2014

Since Monday afternoon's USDA Crop Progress report that showed a slight slip in crop conditions, the markets seem to have completely shrugged off that potentially -- though slightly -- bullish news to send the grains all trading lower, with wheat leading the downward slide after corn and soybeans spent most of Monday in the stratosphere.

Floor Talk July 29

Published: July 29, 2014

At 6:35am: Early calls: Corn is seen 1-2 cents lower, soybeans 2-4 cents lower, and wheat 1-2 cents higher. Trackers: Overnight grain, soybean markets=Trading mostly lower. Wall Street=Seen higher, as more earnings reports are released. World Markets=Europe stocks were higher, Asia/Pacific stocks were higher.

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