Closing Commodity Market Report 7-15-16

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Closing Commodity Market Report      Friday, July 15 , 2016
 Thursday we saw Dec corn down 5 cents and Friday down 6 ½ cents to close at $3.58 ¼. Nov Beans on Thursday had quite a ride from being up to closing down 43 cents with Friday adding additional 5 cents down to close at $10.57 ¼. September wheat gave up 5 ¾ cents on Thursday and 9 ¼ cents on Friday to close at 4.24 ¾. The September dollar index closed up 0.52 at 96.62, August gold was down $3.90 at $1,328.30, September silver down $0.18 and September copper down. The DJIA closed down 10 at 18,496.
 For the week Sep corn down 2 ¾ cents, Dec down 4 ¼ cents, Aug beans down 8 ¾ cents, Nov beans down ½ cent and Sep wheat down 10 ¼ cents.
 Analysts indicated it was an odd trading day with corn being higher overnight then bouncing around on Friday and closing down. They indicate this is indicative of uncertainty surrounding the prospects for the US corn crop. The market is very nervous of the prospects of 94.1 million acres which could lead to a 15 billion bu crop or much less if hot and dry forecast holds up for the corn belt.
 Again soybeans had a wild ride with Nov contract down almost 30 cents shortly after 6:30 am Friday then back up again reaching 17 cents higher before noon but closing down 5 cents. The National Oilseed Processors Association announced the June crush numbers were close to expectations and was a new record high for the month.  Early Friday USDA said 11.8 million bushels of new crop beans were sold to unknown and Thursday’s cash soybean prices showed the US Gulf Quotes roughly 90 cents a bushel cheaper than those at Brazil’s ports.  Traders are nervous as there is much uncertainty in the weather forecasts as beans approach pod setting stage.  The demand side of the market continues to look bullish.
 Wheat saw one bright spot when the USDA announced higher estimates of world wheat demand but with corn a little lower on the week there is no strong argument for buying wheat. It seems every time a bit of news concerning problems in one growing area there is good news in another.
  We are providing a DP program for those producers wanting to wait for a better day in the markets.  We can help develop a marketing plan and a floor price program.  Call Eric or Dave at 800-622-7937, Shon at 573-667-9921 or 768-0489.
 We have updated our test plot results on our website.
 You can check out our 2015 corn yields and some 2014 soybean and corn yields at:
Be sure to check out our website at: www.buchheitagri.com and see the marketing information available.  If you scroll down on the front page you will find our market info page supported by AgriCharts.  If you examine the left hand side of that page you will discover the options that allow you to create price graphs or charts and also to check on historical spread information.