AM Comments 06/24/14
Tuesday, June 24, 2014, 8:06 AM
Submitted by: Dustin Weiner
Corn and soybeans are both lower this morning… yesterday’s crop conditions report was in line with expectations – chalk it up as another bearish hit to our markets. Outside of localized flooding – the potential for a bumper crop is still there with most extended weather forecasts still reflecting favorable growing conditions. In a simplistic big-picture view -- it is easier to be a seller today than a buyer. In other words, the bearish story is easier to tell than the bullish story.
Other than that? Very little going on. Monday June 30th is a big day with the Quarterly Grain Stocks report and the Planted Acreage reports both out that morning. If you are long grain you are hoping to see some short covering late this week (bumping the market up) as traders take profits ahead of the reports.
Corn 2 to 3 cents lower
Soybeans 8 to 12 cents lower
Have a great day!