AM Comments 07/24/13
Wednesday, July 24, 2013, 8:09 amSubmitted by: Dustin Weiner
Good morning!
Nearby (cash) soybeans are under pressure again today with old crop beans down over 35 cents while new crop hangs in there around steady. This rumor yesterday about China releasing its gov’t owned soybean reserves into their domestic market has triggered quite a bit of selling, including fund selling and farmer selling. This selling helps the end user (the processor) narrow the gap until new crop is here. As that gap narrows, their willingness to pay big $$ for beans goes away.
Weather… the next couple days look mostly dry for the corn belt with some chances for rain early this weekend (not much, maybe a half inch tops). Next week the southern corn belt looks to get a good shot of rain while overall temps and precip forecasts for the belt are unchanged (normal to below normal in both).
Opening Calls
Corn down 2 to 6 cents
Soybeans down 30 to 40 cents (old crop) steady on new crop
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