Midday Comments Wednesday, July 6th:

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Currently grains are trading mixed, the corn market trading generally a penny or two higher, soybeans trading a penny on either side of unchanged while the wheat market is anywhere from 8-12 cents lower. The grain markets did trade higher overnight on lower crop condition ratings for both corn and soybeans. The US corn rating fell 3% to 64% good to excellent with the US soybean rating falling 2% to 63% good to excellent. The outside markets turned lower this morning with crude oil down over $4/barrel and the Dow Jones down over 150 points at one time this morning. That pushed the grain prices lower as well. With investors, traders and funds all concerned about a recession and economic slowdown that has been the primary factor in all markets including grains so far this week. Grain price direction has been closely tied to the outside markets with money flow overwhelming fundamentals at least here in the near-term. Crop weather, we are going to call it good with rains falling across much of the belt over the past few days. More rain is expected especially in the central and eastern belt. It is still dry in portions of the southern and western belt. For now the outside markets and money flow are the primary drivers in the grain markets. That ahs allowed for a two sided day of trade despite the lower crop condition ratings.


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