Afternoon Market Highlights


Highlights

  • CHS Hedging will be transitioning to a new phone system this afternoon. The new system will not have hold music. Please be patient with us as we adjust to this new system.
  • Last trading day for August grains and oilseeds is Friday, July 26th. First notice day for August soybeans, soy meal, and soy oil futures is on July 31st.
  • CHS Hedging has a scout on the spring wheat tour. Follow us on Twitter at hedgeit to get live updates.

 Corn

Corn traded in a choppy range today, as it struggled to find direction. The weather continues to be favorable, and the slight decline yesterday in good to excellent failed to provide much support in the early part of the day. Corn turned higher towards the end of the session, and December corn closed 4 ¾ cents higher.

  • Closes: September at $.25 ½ up 3 ¼; December at $4.31 ½ up 4 ¾; March at $4.40 ½ up 4 ¾.
  • Spreads: U/Z 6 ¼ cent carry; Z/H 9 cent carry; U/H 15 cent carry.

 Oilseeds

Soybeans traded in a large range today, with the November trading between it’s 20 day moving average of $9.10 ½ and it’s 50 day moving average of $8.99. Weakness in soybeans can be attributed to a continued lack of follow through of Chinese buying. It was reported that trade talks between the U.S. and China will resume in person next week.

  • Closes: August at $8.85 ¾ down 2 ½; September at $8.91 ½ down 2 ½; November at $9.03 ¾ down 2; January at $9.16 ½ down 2.
  • Spreads: Q/X 17 ¾ cent carry; U/X 12 cent carry; X/F 12 ¾ cent carry.

 Wheat

The wheat markets traded both sides of the board today before closing close to unchanged. Wheat struggled today, as it failed to find a direction. Our scout on the spring wheat tour indicated that they’ve found good yields so far, although they have been finding scab in some fields.

  • Egypt’s GASC purchased 300,000 tonne of wheat, with 120,000 tonnes coming from Romania, 120,000 tonnes coming from Ukraine, and 60,000 tonnes coming from Russia.
  • Japan tendered for 114,242 tonnes of food quality wheat from the U.S. The tender deadline is Thursday.
  • Tunisia tendered for 92,000 tonnes of soft milling wheat. The tender deadline is Wednesday, July 24th.
  • Jordan purchased 60,000 tonnes of hard milling wheat from optional origins at $229.50 per tonne with shipment in October.
  • September closes: Chicago at $4.87 ¼ unchanged; Kansas City at $4.31 ¼ up 2; Minneapolis at $5.21 down ¾.
  • Spreads: Chicago U/Z 11 cent carry; Kansas City U/Z 17 ¾ cent carry; Minneapolis U/Z 14 ½ cent carry.