PM Comments 6/27/2014
Friday, June 27, 2014, 3:06 PM
Submitted by: Joel Pudenz
A moderately stronger close today for corn after a weaker overnight trade; short covering provided enough support to gain 4 cents on the day. Nearby corn lost 10 cents and December corn lost 5 cents in a week of neutral demand estimates (weaker ethanol numbers, moderate export sales) with expectations of healthy stocks and acreage numbers in Monday’s report. Weather next week looks favorable with temperatures in the mid- to upper-eighties and slim chances of rain after Saturday.
Soybeans erased what gains were made yesterday with August down 4 cents and Nov down 16 cents. The bears had plenty to chew on: fund profit taking, potentially higher bean acres in Monday’s report, S.A. beans coming north, and positioning for Monday all played a part in pressuring beans lower today. The market will closely watch what bean stocks number the USDA projects as that will frame how old crop beans trade the balance of the summer.
Corn closed steady in July, 4 cents higher in Dec
Beans closed 6 cents lower in July, 16 cents lower in Nov
Have a great weekend!