MARKET COMMENTARY
AM Comments 07/07/14
Monday, July 7, 2014, 7:07 AMSubmitted by: Dustin Weiner
Our corn and soybean markets did not trade last night (no overnight session due to the holiday), they will instead start trading at 8:30am. News is quiet, which isn’t good for the bulls. There were no real changes in the weather outlook, the 6-10 day forecast shows normal temps and the 8-14 day forecast shows below normal temps, nothing that looks threatening (maps below). Opening calls will vary this morning but the general trend will be lower based off of weather alone.
So… will this crop be a “trendline yield” crop? Will it be 5% above trend? 10%? More? The answers to these questions will start becoming more clear over the next month and as we hone in on crop size, price will follow. This afternoon we will get our weekly dose of crop ratings with most in the trade expecting the good-to-excellent ratings to stay steady or maybe show a slight improvement.
Opening calls
Corn 3 to 5 cents lower
Soybeans 5 to 10 cents lower
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