PM Comments 7/28/2014

Monday, July 28, 2014, 3:07 PM
Submitted by: Joel Pudenz

Stronger closes for corn and soybeans today with corn futures closing 5 cents higher and beans closing 23 to 24 higher. Corn closed higher for the second day in a row on support from short covering and a drier forecast. The two week outlook remains dry, but cool temperatures should keep stress levels at a minimum. Crop ratings were out this afternoon: corn was rated 75% G/E, dropping 1% G/E from last week. The market expected no change from last week. Soybean ratings were expected to remain steady this week as well, but dropped 2% G/E. Nationally, soybeans were rated at 71% G/E vs. 73% G/E last week. The drier forecast added some support to the bean market today and with a drop in crop ratings, we may see some of this support spillover into the overnight trade.


Have a good night!





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