AM Comments 6/16/15
Tuesday, June 16, 2015, 8:06 AM
Submitted by: Eric Kist
Markets are higher to start off the day, as corn is up 2 cents, and beans are up 5 for nearby, and 6 ½ cents for new crop. After making new contracts lows yesterday for both corn and beans, we are seeing a slight correction this morning, with a touch of support added from the weekly crop progress report, which was released yesterday afternoon.
Nationally, corn is 97% emerged (vs. 91% last week and 95% for the 5 year average), and is rated at 73% good/excellent, compared to 74% G/E last week, and soybeans are now 87% planted, 75% emerged, and rated as 67% good to excellent, as continued rains have delayed the completion of soybean planting. Good-to-Excellent ratings for both corn and beans were reduced slightly, as corn went down 1%, and beans dropped 2%, which is slightly bullish towards the grain markets.
Traders are beginning to take heed of the wet weather and delayed planting for beans, as anywhere from 1.0 to 2.0 million acres of prevent planting for soybeans is being estimated.
Corn: 1-2 higher