MARKET COMMENTARY
AM Comments 07/28/14
Monday, July 28, 2014, 7:07 AMSubmitted by: Dustin Weiner
Calls are higher this morning with weather being the key input. The forecasts show cool temps continuing to dominate the US Midwest. The more concerning part of the forecast involves precip – the models look dry for the next 6-10 days, and even into part of the 11-15 day window. This lack of moisture probably isn’t a big deal for corn, but there’s still plenty of time to influence the projected national soybean yield. For what it’s worth – some chances of rain are starting to show up in the front end of that 11-15 day forecast.
Crop conditions will be out this afternoon, most in the trade are expecting them to be unchanged from last week, although soybean ratings could drop a % thanks to this drier weather.
Opening Calls
Corn 1 to 3 cents higher
Soybeans 10 to 14 cents higher
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