PM Comments 6/16/2014
Monday, June 16, 2014, 4:06 PM
Submitted by: Joel Pudenz
Lower prices at the close for corn and soybeans today with a mixed trade ahead of crop ratings this afternoon. Ratings came in slightly stronger than last week for corn (76% G/E, as expected) and slightly weaker for beans (73% G/E vs. 74% expected). This is likely neutral for corn, and neutral/slightly bullish for soybeans. Coupling these expectations with a friendly two-week weather outlook pushed corn a nickel lower. Export inspections were within trade guesses this week and only slightly lower than the average needed to meet year-end USDA export estimates (44 mln. bu. needed per week on average).
Soybeans traded mixed today as strong crush numbers and export inspections initially pushed old crop prices higher. But the friendly weather outlook and expectations of strong crop ratings pressured prices through the close. National planting progress for soybeans is 92% complete vs. 83% last year and 90% on average. And, as previously stated, crop ratings also performed well this week - the supply side of our 14/15 balance sheet continues to look strong.
Have a good night!
July Corn Closed down 6 cents, Dec Corn down 5 cents
July Beans closed down 4 cents, Nov Beans down 4 cents