AM Comments 7/28/15
Tuesday, July 28, 2015, 8:07 AM
Submitted by: Eric Kist
The grain markets are trying to reverse course from yesterday’s steep losses, as corn is currently up 2 cents during the pause in trading, and soybeans have gained back 10 cents so far this morning.
Yesterday afternoon’s crop progress reports showed the national corn G/E rating improve by 1%, increasing from 69% last week to 70% good/excellent this week. Locally, Iowa remained unchanged at 83% G/E. Soybean crop conditions held steady through the week, remaining unchanged at 62% G/E.
Prices may continue to find support today from these crop progress numbers, as many believed ratings would see more improvement than what was actually reported, along with the idea that prices may be oversold from yesterday’s steep losses.
Corn: 2-3 higher
Beans: 7-10 higher
Have a great day!