Fccoop

MARKET COMMENTARY

PM Comments 6/20/2014

Friday, June 20, 2014, 4:06 PM
Submitted by: Joel Pudenz


Another positive close for corn today, putting gains of 12 to 14 cents on the last two days. Fundamentally, the market is eyeing how wet weather threatens crop size in the upper western corn belt. Relief from excess moisture appears to be in the 2 week outlook as we return to normal/dryer-than-normal conditions. Monday’s crop ratings report should shed some light on how the crop may be affected. Something to keep an eye on is the size of the Chinese corn carryout – estimated to be just short of 6 billion bushels. Chatter of a larger number wasn’t enough to pressure prices lower today.

 

Soybeans finished lower on the front months and higher for new crop. The June 30th stocks report will hopefully answer some questions surrounding old crop usage and carryout. Usage numbers suggest tight ending stocks while some feel crop size could be larger than initially thought. New crop prices were propped by another announced sale this morning, continuing strong demand for soybeans currently being grown.

 

Have a great weekend!

 

@fccoopgrain

 

July Corn 3 cents higher

Dec Corn 4 cents higher

 

August Beans 7 cents lower

Nov Beans 4 cents higher

 

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