AM Comments 07/08/13
Monday, July 8, 2013, 7:47 amSubmitted by: Dustin Weiner
Good morning!
Our markets started off lower last night, with Dec corn making new contract lows and Nov beans making new lows for the move. Since then however they have bounced back and are now both trading higher.
Outside markets… the equity markets continue higher after Friday’s friendly jobs report. The $US is a little weaker, crude oil is a little weaker and gold is a little stronger.
Weekly crop ratings will be out this afternoon after the close, the market is expecting the good-to-excellent category to be increased by 1-2% on both corn and soybeans. The market is still driven by weather, and it does look a little warmer and drier for next week which supports futures prices, however mostly favorable conditions are seen in the short term as rains move across the belt the next few days.
Opening calls
Corn 2 to 4 cents higher
Soybeans 2c higher old crop, 10c higher new crop
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