AM Comments 07/23/13
Tuesday, July 23, 2013, 8:08 amSubmitted by: Dustin Weiner
Good morning!
Some much needed rains fell across about 1/3 of Iowa last night – anywhere from 0.1” to 1” is being reported. Some of these rains were surprising to the market, and both corn and soybeans are weaker this morning in part because of it.
Yesterday afternoon’s crop condition ratings came out, the U.S. corn good-to-excellent ratings came out 3% lower than last week (down to 63% from 66% LW) – Iowa was down 2%. U.S. soybeans were down 1% in the G/E categories (down to 64% from 65% LW) – Iowa was down 2%. None of this was overly surprising although with corn being down 3% in G/E in one week, you’d expect prices to firm up – that didn’t happen last night likely due to the rainfall mentioned above.
Over the next 10 days most of the belt will see cooler (below normal) temps while the maps appear to stay mostly dry (70-100% of normal) with pop up rains like what Iowa saw last night still in the cards.
Opening Calls
Corn down 5 to 7 cents
Soybeans steady to down 5 cents
No comments:
Post a Comment