PM Comments 7/14/2014
Monday, July 14, 2014, 4:07 PM
Submitted by: Joel Pudenz
Stronger day for grains with corn closing 3 cents higher, beans up 1 to 11 cents, and wheat closing 11 to 12 higher. Corn, being in oversold territory, was able to garner support at the end of today’s trading session. The outstanding weather we have coming this week is very timely for corn pollination, and will cut off any price rallies in the foreseeable future. Crop ratings came out this afternoon: 76% of U.S. corn is rated G/E, 1% higher than last week. Iowa was steady over last week with 76% of corn rated G/E. These are in line with trade guesses.
Soybeans found support from some short covering, spending most of the day 5 to 10 higher. Crop ratings this afternoon were even with last week: 72% rated G/E nationally, 73% rated G/E in Iowa. Some good news for soybean production – the 6-10 day forecast looks to warm up a bit. This should help many of the Iowa soybean acres that have been oversaturated.
Have a good night!
6-10 Day Temperature Probability Outlook: