PM Comments 7/25/2014
Friday, July 25, 2014, 4:07 PM
Submitted by: Joel Pudenz
Corn futures were able to find a bit of short covering support after the morning break and close 1 to 2 higher on the day, but 8 cents lower on the week. Since July 1st, this is only the fifth day corn futures have closed in positive territory – growing conditions and crop ratings remain outstanding. Another bearish piece of news came with yesterday’s export sales report. New crop sales total around 230 mln bu. so far this year; that is nearly 85 mln bu. behind last year’s pace of 315 mln. bu.
Nearby soybeans closed 5 higher and new crop beans closed a penny lower. The tightness of old crop beans helped August futures gain over 35 cents on the week. New crop export sales are slightly ahead of pace vs. last year, 541 mln vs. 513 mln . Interestingly, new crop soybean meal sales are almost 3x what they were last year at this time. The weather outlook remains cooler and dry as we go into the final week of July.
Have a good weekend!