AM Comments 6/11/15
Thursday, June 11, 2015, 8:06 AM
Submitted by: Eric Kist
The grain markets traded lower overnight on follow-through selling from yesterday’s bearish S&D reports. Heading into today’s session, corn is down 2 cents, with nearby July futures trading at 3.55 on the board, and beans are 4 cents lower, as July futures are at 9.45.
Much of Iowa will be receiving rains today, as large cells are moving through the state from west to east throughout the day. Southern Iowa looks to be getting hit the hardest (again), which will continue to delay the completion of planting. Per reports, there are approximately 350 thousand acres yet to be planted in Iowa, with the majority being in the southern part of the state. With rains expected to continue through the weekend, producers with unplanted acres will now have to consider their options, as Iowa’s prevent plant window is coming to an end. Beginning June 16th, the Federal Crop Insurance Revenue Guarantee will be reduced by 1% each day through July 10th, leaving producers with some tough decisions to make.
Outside markets are not working against grains as well today, as the US Dollar is up, and crude oil is trading lower.
Corn: 1-2 lower
Beans: 2-3 lower