AM Comments 06/26/13
Wednesday, June 26, 2013, 8:08 amSubmitted by: Dustin Weiner
Good morning!
Another quiet night last night as the focus remains on the USDA numbers coming Friday. Some commodities were weaker driven by a general risk-off mentality in global markets, energies are weaker, metals are weaker and the $US is higher. This makes it difficult for our grains to rally.
The one good thing about this relatively steady/boring price action these past couple days is that it gives producers a chance to manage risk (read: sell) ahead of the report with cash prices still hovering around $7 for corn and $15 for soybeans! New crop values are also holding firm with new crop corn and beans both about $5 and $12 respectively.
Weather… still nothing to see here. There are some cooler/wetter conditions coming in this weekend over the Midwest. Overall U.S. weather still appears non-threatening in the eyes of the trade.
Opening Calls
Corn steady to 2 cents higher
Soybeans down 2 to 4 cents
THREE-MONTH WEATHER OUTLOOKS FROM NOAA:
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