Corn posting some modest gains this week with December contract gaining 20-cents to close the week at $6.85. Corn trading the expected lower US yields as well as getting some support from the wheat market. Corn conditions were unchanged this week at 54% good to excellent. Isolated shows going into the weekend, but much of the corn belt saw 90-degree weather this week which could impact test weights in areas that are on the dry side.
Soybeans having a two-sided trade this week but ended the week with a 3-cent loss closing at $14.12. Yield estimates continue to be strong with the potential to see record production in the US. World carryout continues to grow and could be the second highest ever. Crude oil hitting 6-month lows also added to soybean pressure.
Chicago wheat posting the strongest gains with December contract gaining 55 cents closing the week at $8.69. There are some potential issues with the Ukraine safe passage agreement with Putin claiming the grains being exported are not helping the 3rd world countries that he original agreed to help. Putin has announced a potential halt to the exports and wants to put together a new agreement. There is also talk about Ukraine winter wheat seedings being down 30-40% because of lack of funding and inputs.