AM Comments 07/18/13
Thursday, July 18, 2013, 8:03 amSubmitted by: Dustin Weiner
Good morning!
Weather seems to have changed again – and this time it’s a change for the good. The weather models basically took rains and shifted them just a little bit South and West, into some of the moisture starved areas of the belt. Before today, the SW part of the corn belt was expected to get shut out on precip – that is not the case in this morning’s forecasts and the markets are a little weaker because of it. Over the next 10 days: IA, IL, IN, OH and MO will see good rainfall with some amounts up to 2.00 inches while eastern NE, KS and western IA are slotted for amounts up to 1.50 inches. The only states that are missing some of these heavier rains are the states that have been considerably wetter than the others (the far Northern/NW Corn Belt).
The USDA’s weekly export sales report was out this morning. Old crop corn exports were as expected with better than expected new crop sales. Old crop bean exports were at the top end of guesses while new crop sales we as expected. If we weren’t trading pure weather today this would be friendly to new crop corn and old crop beans.
Opening Calls
Corn down 2 to 4 cents
Soybeans down 3 to 7 cents
5-Day QPF:
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