MARKET COMMENTARY
AM Comments 07/24/14
Thursday, July 24, 2014, 8:07 AMSubmitted by: Dustin Weiner
Strong export data from the USDA this morning is lifting prices higher in corn, soybeans and wheat. Corn sales were strong, coming in above expectations at 1.14MMT which is of course friendly. In soybeans, “strong sales” would be an understatement as new crop sales made last week totaled 2.45MMT which equates to just over 90 million bushels.
Crop tours are beginning to kick off across the corn belt – the tour that most will follow (the ProFarmer crop tour) doesn’t start until August 18th. So far the chatter from these tours has centered around good crops with ridiculous potential.
If the markets can close higher today that would make two days in a row (wow!) – however, the seasonal charts will tell you that corn and soybeans usually don’t find their lows until we get into the middle of harvest, which is still months away... The soybean market may have a chance at a few small weather rallies (as that crop is yet to be made and the demand stories are exciting), but overall the price risk in nov beans appears to be to the downside.
Opening Calls
Corn 3 to 5 cents higher
Soybeans 20 to 25 cents higher
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