AM Comments 07/10/15

Friday, July 10, 2015, 8:07 AM
Submitted by: Dustin Weiner

The markets rallied last night and that is continuing into this morning’s trade.  It seems to me that the main driver of the higher prices was a $US that was/is sharply lower thanks to new ideas that there will be a bailout in Greece.  It is getting a little tiresome watching the market react to Greece speculation, but until that USDA report is out (11am this morning) – that is all we have.  One other note overnight is that the Chinese stock market was higher (second day in a row) which may be calming a few fears.


As most of you should know by now, for today’s USDA WASDE report the trade is expecting projected corn and bean yields to both slip.  The key thing to note is that is what the trade is expecting – meaning, that is already in the market.  We need to be cautious of a “buy the rumor, sell the fact” type trade forming today.  If the USDA comes out with (unsurprising) reduced production estimates… that may not be considered “new news” and you may see folks who were positioned for a bullish surprise take profits.


Opening Calls

Corn 1 to 3 cents higher

Soybeans 6 to 10 cents higher


Have a great day!





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