AM Comments 7/7/15

Tuesday, July 7, 2015, 8:07 AM
Submitted by: Eric Kist

Good morning!


Grains are taking a step back so far today, as corn, beans, and wheat are all trading 7-10 cents lower this morning.  A sharply higher US Dollar index, declining crude oil values, and steady crop conditions have chased the support away from the grain markets for now, as a fresh bullish input cannot be found.


The Dollar is being propped up as the Chinese stock market continues to sell off.  China’s Shanghai Index (similar to the S&P 500 Index in the US) is down 1.3% again this morning, after having lost over 30% the past 3 weeks.  Also supporting the Dollar is the ongoing saga in the Euro-zone, as Greece has yet to find a way to climb out of its debt crisis. 


Yesterday’s Crop Progress Report was the first week in which conditions held steady, and no states suffered significant declines.  Corn ratings actually improved by 1%, coming in at 69% G/E nationally, versus 68% last week.  The Iowa corn crop is progressing nicely, and is rated as 82% G/E.  Soybean crop ratings were surprisingly unchanged at 63% G/E nationally, but planted acres remain at 96% complete, meaning there are still 2.3 million acres unplanted, primarily in Missouri, Kansas, and Illinois.  Locally, Iowa soybeans are rated as 78% G/E, unchanged from last week.


Monsanto is continuing to push buy-out conversations with Syngenta, after its first two purchases offers were declined.  Yesterday Monsanto officials reported that they have held “very constructive” talks with Syngenta shareholders, and indicated they may raise their bid in another attempt at a takeover. 


Opening calls for today’s markets:

Corn: 2-3 lower

Beans: 3-4 lower


Have a great day!




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