PM Comments 7/2/2014
Wednesday, July 2, 2014, 4:07 PM
Submitted by: Joel Pudenz
Quiet trade today as negative momentum carries corn and soybeans lower on the close. Forecasts look favorable for corn pollination, pressuring new crop prices 5 cents lower. Today’s ethanol report was neutral – last week’s production was slightly higher than the previous week and usage was 5 mln bu. lower than needed on average. Soybeans closed lower for the 4th consecutive day, August settling 13 cents down, Nov settling 6 cents down. The export sales report tomorrow is expected to show net-zero old crop bean sales and 11 to 18 mln. new crop bean sales. A positive old crop sales number may provide enough support to temporarily stop the downward slide going into the holiday weekend.
Have a good night!