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MARKET COMMENTARY

6-30-14 PM Comments

Monday, June 30, 2014, 3:06 PM
Submitted by: Jon Setterdahl


Good afternoon and good riddance to the month of June.  Enough rain already!!  Markets took a nosedive today following the USDA stocks/acreage report released at 11am.  Both the 6/1 corn and soybean stocks were higher than the trade estimate, so that was bearish old crop prices.  Corn acreage was right on the estimate at 91.6Mln, but soybeans were 2Mln higher that guesses and came in at 84.8Mln….record large.   We also had weekly crop ratings out this afternoon and they held pretty steady from last week.  Corn is rated 75% G/E (IA 79%); Soybeans  rated 72% G/E (IA 75%).   For the day, corn was down nearly 20 cents and soybeans were down 50 cents old crop and 70 cents new crop.   Many parts of IA dealing with flash floods and isolated hail today as these powerful storms chase over saturated ground.  Crop ratings may decline a bit next week as these conditions are no longer ideal, especially for soybeans.  The good news is that once this system clears, we are to be dry for several days.  Market calls for tonight are steady to lower. 

 

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