AM Comments 07/21/15
Tuesday, July 21, 2015, 8:07 AM
Submitted by: Dustin Weiner
In yesterday’s crop progress report U.S. corn and soybean good-to-excellent ratings were left unchanged from last week – so not a lot of fireworks there. This market is now trading weather for the most part and while there are some in the trade wondering if this dry spell will start to make people nervous – the 6-10 and 8-14 day weather maps have turned a little cooler and a little wetter for the northern and eastern sections of the belt. So once again, not a lot of fireworks.
The corn market as you know has pulled back quite a bit, now over 30c off of the highs made just over a week ago. The chart no longer looks as friendly and the easy money has taken profits. Where we go from here will likely depend on weather but with the initial damage to production already done it may be hard to see prices fall completely out of bed without new news. The USDA S&D that will be out in early August will be the next big injection of fundamental information as we will get another look at not only potential changes in both supply (yield) and demand, but the USDA is planning to reflect a re-survey in acreage in that report also.
Corn steady to 2 cents lower
Soybeans steady to 2 cents higher
Have a great day!