AM Comments 07/19/13
Friday, July 19, 2013, 7:58 amSubmitted by: Dustin Weiner
Good morning!
The markets are mixed this morning with corn weaker and soybeans stronger. Corn is feeling the wrath of a cold front that is entering the Belt later today while soybeans seem to be getting strength from the tight old crop supplies. Old crop bean basis is actually starting to weaken (in part thanks to a weaker meal basis) as the CBOT futures contracts and spreads are starting to do the job of rationing demand.
Current weather forecasts suggest that decent rains (although they could be spotty) will fall over the next few days. These rains are extremely important for many acres of corn as the crop slowly enters into pollination. Over the next 10 days precip and temps are expected to be normal, but the 11-15 day does look a little dry. With the heat and dryness we have experienced this week – Monday afternoon’s crop ratings could drop a couple points in the good and excellent categories.
Opening Calls
Corn down 3 to 6 cents
Soybeans steady (new crop) to 10c higher (old crop)
5-Day QPF
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