AM Comments 07/10/14
Thursday, July 10, 2014, 8:07 AM
Submitted by: Dustin Weiner
The corn and soybean markets are taking a little break from the selling this morning as they were both trading higher at the 7:45am pause. The weekly export sales report was out at 7:30am, I’d call it neutral for corn and maybe a touch friendly for beans (we are still selling a few old crop beans somehow). Overall, not much to see there. The July S&D is out tomorrow and we are likely seeing a bit of profit taking ahead of it even though most feel it will be bearish (negative). Even if that report somehow ends up friendly to prices – who wants to be long corn with the weather outlooks looking as great as they do? I’m not sure that “waiting for a weather problem” is a great marketing strategy.
The equity markets are sharply lower this morning (the DOW is down 145 points) over concerns that the Fed’s stimulus program will be coming to an end this fall. It sounds like they have a meeting in October and if the economy is improving like they expect it to… that could be it.
Corn steady to 2 cents higher
Soybeans 5 to 8 cents higher
Have a great day!