Fccoop

MARKET COMMENTARY

PM Comments 6/23/2014

Monday, June 23, 2014, 3:06 PM
Submitted by: Joel Pudenz


Overnight gains were lost in the corn trade today with July and Dec corn both down 9 cents at the close. Weather is the major input and it remains non-threatening in extended forecasts; any concern for negative impact of excessive rains was generally overlooked. The funds were sellers today, adding additional pressure to corn prices. Corn Good/Excellent ratings dropped 2% from last week to 74% this week; Iowa dropped from 83% G/E to 79% G/E. This was in line with trade estimates.

 

Soybeans traded mixed throughout the session but found strength at the close: July settled 9 cents higher and Nov settled 2 cents higher. Old crop and new crop prices continue to jostle for position as the market juggles tight old crop supplies and a record crop on the way. Crop conditions showed soybeans rated at 72% Good/Excellent. This is 1% weaker than last week, but stronger than market expectations of 71% (see chart below).

 

Have a great afternoon!

 

@fccoopgrain

 

 

Nationally

Good/Excellent Ratings

This Week

Last Week

Last Year

Corn

74%

76%

65%

Soybeans

72%

73%

65%

Iowa

Good/Excellent Ratings

This Week

Last Week

Corn

79%

83%

Soybeans

76%

79%

 

 

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