AM Comments 06/21/16
Tuesday, June 21, 2016, 12:06 PM
Submitted by: Dustin Weiner
Our markets were pretty quiet last night but prices really tailed off this morning as both corn and soybeans have been driven lower. First news to discuss involves yesterday’s crop conditions report. If you remember, the market was expecting the good-to-excellent ratings for both corn and soybeans to drop 2-4%. Well, as you see in the maps below, US corn G/E ratings remained unchanged at 75% while soybeans dropped 1%, now at 73% G/E. Corn’s 75% rating is tied for the second best ever for this week (behind 1999) and both corn and soybeans as a whole are better than at this time last year.
Overall, with stronger than expected crop ratings and rain in the nearby forecasts – our chances to recover from yesterday’s poor day with a “Turnaround Tuesday” seem slim. Once again, keep an eye on extended weather forecast changes as we inch closer to our pollination window. Some models today are suggesting that (yes, this is hard to trust) the 16-30 day window shows less-severe heat for the corn belt with the Western Corn Belt potentially adding moisture…
Corn is 5 to 8 cents lower
Soybeans are 6 to 10 cents lower
Have a great day!
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