AM Comments 07/09/14
Wednesday, July 9, 2014, 7:07 AM
Submitted by: Dustin Weiner
Same story, different day… the corn market is trading lower this morning (the 7th day in a row) and the soybean market is trading lower this morning (the 8th day in a row). This Friday at 11am the July S&D report will be released and as you can tell by recent price action – the market is expecting carryouts to grow for both corn and soybeans (trade estimates are shown at bottom of these comments).
Obviously the weather and the potential bumper crops are playing a major role in the collapse in prices lately, but general fund liquidation may also be accelerating (or exaggerating?) the move - in particular for soybeans. The funds were estimated sellers of 6-7,000 contracts of soybeans yesterday and have sold almost 70,000 contracts over the past three weeks – with most of that coming out of the old crop (July/August) months.
Corn down 2 to 4 cents
Soybeans down 8 to 12 cents
Have a great day!