PM Comments 7/16/2014
Wednesday, July 16, 2014, 3:07 PM
Submitted by: Joel Pudenz
Futures took a break from the downward trend today as corn and soybeans both settled higher from supportive export news this morning – old crop bean sales and new crop corn/bean sales. Technically oversold futures and some short covering also lent support to each market. Corn closed 4 to 5 cents higher and beans settled 6 higher in Aug, 15 higher in Nov. The market will continue to trade weather (which remains favorable) until the August 12 USDA S&D report. Weekly export sales tomorrow morning are expected to be between 24-31 million bu. for corn and 18-26 million bu. for beans.
Have a good night!