AM Comments 07/07/16
Thursday, July 7, 2016, 1:07 PM
Submitted by: Dustin Weiner
The grain markets were mixed overnight with corn spending most of the night session just a few pennies higher while soybeans took a tumble just after midnight for some reason - at one point trading over 20 cents lower! However, at around 7am the corn market started to rally on data from CONAB (imagine… Brazilian USDA of sorts, specializing in crops) that showed a much lower estimate on Brazilian corn production. Corn was able to catch a bid from there and when the markets paused at 7:45am corn was a dime higher. This corn rally carried beans along with it, giving opening calls all a friendlier tone.
Overall for today… It appeared last night (before the CONAB info) that the fund liquidation was slowing down, which in and of itself could allow our markets to form a bit of a bottom here and try to bounce higher. While the CONAB data is a nice injection of bullish news, the weather of course still appears bearish (6-10 and 8-14 day maps all show above normal precip offsetting above normal temps) which could limit any serious attempts at a long term trend change.
Corn: 8 to 10 cents higher
Have a great day!
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