Fccoop

MARKET COMMENTARY

PM Comments 7/7/2014

Monday, July 7, 2014, 4:07 PM
Submitted by: Joel Pudenz


Corn and soybean futures fell under pressure today after the holiday weekend, continuing the downward momentum from early last week. Our temperature and precipitation forecasts are non-threatening (cooler temps and average amounts of precipitation) going into corn pollen shed and silking. Crop ratings – released at 3:00 this afternoon – showed 75% of U.S. corn rated G/E vs. 75% last week. Iowa is rated at 76% G/E, vs. 79% last week – 3 ticks lower due to excessive moisture. Nearby soybeans fell 25 cents today and new crop prices lost 8 cents. Record acreage numbers coupled with near record early-July crop ratings (72% G/E nationally, 73% G/E in Iowa) continue to pressure the soybean market. Supportive inputs are hard to come by right now as the market digests a firming reality of large corn and soybean crops.

 

Corn closed down 8 to 9 cents

Soybeans closed down 26 cents in Aug, down 8 cents in Nov

 

@fccoograin

 

Have a good night!

 

 

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