AM Comments 07/22/14
Tuesday, July 22, 2014, 8:07 AM
Submitted by: Dustin Weiner
As many of you may have seen or heard yesterday afternoon -- crop ratings were released and this year’s corn and soybean crops remain the highest rated crops since 1994. Corn conditions stayed the same (76% G/E) while soybeans improved 1%, now at 73% G/E. This is normally the time of year where rating start to decline…
So, with crop ratings looking so good, markets should be down right? Not so fast - soybeans are trading sharply higher based on strength in the old crop cash market and corn is trading a touch higher – maybe it’s because the basis at the US gulf is a little firmer but the more probable reason is that it can’t always be trading in the red, can it? CAN IT?
Corn steady to 2 cents higher
Soybeans 10 to 15 cents higher (old crop), 3 to 5 cents higher (new crop)
Have a great day!