PM Comments 7/24/2014
Thursday, July 24, 2014, 4:07 PM
Submitted by: Joel Pudenz
Early support from strong export numbers pushed corn up 6 cents this morning. Gains were shortly lost after the 8:30 a.m. open on the fundamental idea of crop size. Pressure also came from news that China will be requiring certification that imported DDG’s are MIR 162 free. December corn continues to make new lows as the market looks for some new news and a fresh direction. Soybean futures settled higher at the close and also found support from strong export sales numbers. Old crop sales totaled 8.3 mln bu. and were above trade estimates. Some of these may be rolled forward – which would categorize them as new crop sales. New crop sales were over 90 mln bu. this morning – almost 2x what the market was expecting. August is looking a smidge dryer than previously thought which also propped up soybean prices today.
Corn closed steady to 1 cent lower
Soybeans closed 6 to 10 higher
Have a good night!