AM Comments 07/21/14
Monday, July 21, 2014, 7:07 AM
Submitted by: Dustin Weiner
The market shrugged off the little rally on Thursday and has instead decided to continue the trend lower with a down day Friday and weakness again overnight. Dec corn this morning is making new lows while soybeans and wheat are close to doing the same. The story hasn’t changed – the weather still looks favorable for crop development... The corn belt is are expected to see the hottest temps of the year over the next couple days but the temps return cooler after that with rain chances improving over the weekend. The 6-10 day maps (shown below) reflect those cooler, wetter temps.
The weekly crop ratings report will be out at 3pm this afternoon, most are expecting things to remain unchanged to maybe even showing a small improvement. Last week corn was 76% G/E and soybeans were 72% G/E.
Corn down 5 to 7 cents
Soybeans down 3 to 6 cents (old crop), 10 to 15 cents (new crop)
Have a great day!