AM Comments 06/19/15
Friday, June 19, 2015, 8:06 AM
Submitted by: Dustin Weiner
Our markets were lower in the overnight trade with both corn and beans shaving a few cents off. Since last Friday’s close November soybeans are currently 33c higher while December corn is currently just a half cent higher now after giving back some of the midweek rallies. To give you an idea on the ride December corn has been on this week, at one point it was 7c lower than last Friday’s close (Monday) and it was also 7c higher than last Friday’s close twice (Wednesday AM and yesterday AM).
The negative attitude in today’s price action seems to be due to a drier long-term outlook. That tropical storm didn’t get into northern Missouri which should allow them to dry out a touch over the weekend. Remember – according to Monday’s progress report that Missouri bean crop was only 42% planted. Also weighing on our commodities is the $US, which is firmer this morning. This has pushed most commodities lower and crude oil is down just shy of $1/barrel this morning.
Informa Economics (a well followed private company) will be out later this morning with their projections on planted acres for this year. While this is only one opinion, the trade does tend to take notice if they show major differences. The USDA will be out with their acreage number on June 30th along with their quarterly stocks report. Mark that day down on your calendar as it has been a wild one in past years.
Corn down 2 to 4 cents
Soybeans down 4 to 6 cents
Have a great day!