AM Comments 7/3/2014
Thursday, July 3, 2014, 8:07 AM
Submitted by: Joel Pudenz
Both corn and soybeans are showing some green on the board this morning, a nice break from this week’s downward pressure. Corn futures are mostly even, trading a narrow 2 cent range overnight. The cool, non-threatening weather forecasts are looking great for corn development and pollination. Export sales this morning were within market estimates, so look for the market to be choppy today ahead of the 3-day weekend.
Soybeans are 4 cents higher at the break. Export inspections were positive, but within estimates of the market. This and some short covering may provide some support going into the holiday weekend. The CME will close today at noon and reopen on Monday.
Have a great day!
Updated Drought Monitor: