MARKET COMMENTARY
AM Comments 07/17/14
Thursday, July 17, 2014, 7:07 AMSubmitted by: Dustin Weiner
The weekly export sales report was released at 7:30am today. It showed corn export sales made last week to be above expectations at 907,900 MT (573,700 MT old crop, 495,000 MT new crop). This gave corn a small 2c boost upon release, although that didn’t last long and the market has slipped back since. Soybean sales were within expectations with China as the lead buyer: total of 561,000 MT sold for new crop and 37,700 MT sold for old crop – call that report neutral to maybe a touch bearish on new crop.
In general for today the corn and soybean markets appear to be taking a small step backwards after yesterday’s nice move higher. It feels like we need to see how the weather treats us over the next few weeks before this market can work significantly lower (or higher) -- depending on the results.
Opening Calls
Corn 2 to 3 cents lower
Soybeans down 1 to 4 cents
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