Fccoop

MARKET COMMENTARY

AM Comments 06/09/14

Monday, June 9, 2014, 7:06 AM
Submitted by: Dustin Weiner


A reason for the 10 cent rally in corn last Friday was that a forecast map was showing a high pressure ridge that was supposed to set in around June 18-20th, well… that is no longer showing up on the weather maps and corn is giving a chunk of that weather premium back to the market today trading over a nickel lower.  It is hard to believe that the bulls are trying to talk up weather rallies when the crops look so great (good-to-excellent ratings will be out this afternoon, likely confirming that).  The only bullish weather story could be tied to winter wheat as that region has seen excess rain that is starting to hamper crop conditions.

 

The first story I read on the news wire this morning comes from China, as announced they stopped issuing permits for U.S. DDGs.  They are continuing to play hardball with GMO related corn imports.  China bought 1/3 of the US DDG production last year, so if they continue to deny imports this could turn into a bigger story…

 

Opening Calls

Corn 5 to 7 cents lower

Soybeans 3c lower to 3c higher

 

Have a great day!

 

@fccoopgrain

 

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