AM Comments 07/25/13
Thursday, July 25, 2013, 8:18 amSubmitted by: Dustin Weiner
Good morning!
For the third day in a row, the front end of the soybean market is crashing – led by nearby soybean meal. August meal is locked down the limit for the second day in a row and the group of people willing to sell meal down the limit is growing – which means this may not be done. Another limit move tomorrow and the soybean meal market will have lost almost $100 off of Tuesday’s high. Wow. Farmer movement in soybeans has pretty much shut off as cash beans have lost over $2/bu since Monday.
The weekly export sales report was out this morning, soybean sales were actually pretty good - coming in above the average trade guess with strong new crop sales in particular. Old crop corn sales were dismal (not surprising) and new crop sales were decent, but still below expectations.
The weather forecasts haven’t changed much from yesterday. Small rains will roll through the Midwest today and tomorrow with another rain event coming early next week for mainly the Southern Belt. A third event is also slotted for late next week with another half inch of rain. Safe to say that the weather outlook is nonthreatening so far this morning.
Opening Calls
Corn down 3 to 5 cents
Soybeans down 20 to 30 cents
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