Fccoop

MARKET COMMENTARY

A.M. Comments 6/23/2014

Monday, June 23, 2014, 7:06 AM
Submitted by: Joel Pudenz


Markets are mixed at the 7:45 break with corn even to a penny lower and soybeans 10 to 15 cents higher. The trade is a bit concerned with the short term rainfall the upper WCB has received and that will likely support prices in the short term. The seven day rainfall forecast looks to shift most rain accumulation elsewhere (graphic below). Supporting the soybean complex are stronger palm oil prices and stronger Chinese soy oil prices. Crop condition ratings will be out at 3:00 this afternoon; we will hopefully see how the excess rainfall in the Northern Iowa/Southern MN has affected national crop quality. The market is expecting a slight decline in both corn and soybeans (maybe a few percentage points decline in each).

 

Opening Calls:

Corn steady to 1 lower

Beans 10 to 15 higher

 

Have a great day!

 

@fccoopgrain

 

 

 

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