AM Comments 07/11/16
Monday, July 11, 2016, 12:07 PM
Submitted by: Dustin Weiner
Our markets bounced a little higher last night as weather forecasts are starting to look a little bullish. If you just look at nearby conditions, you see good looking crops and you see rains in the forecast for this week and weekend. Nothing to see here. When you start to look at the extended forecasts though… that’s where things start to slip. The 6-10 & the 8-14 day forecasts (attached below) both look a little dry with the temps remaining above normal. This is what has the markets a little firmer and could keep things firmer all day if the noon maps don’t change.
Overall for today - other than weather – there isn’t much to talk about. At 11am tomorrow the July S&D report will be released from the USDA. It isn’t expected to bring much for surprises (the June 30th reports took care of that) but it will be interesting to see updated carryout projections with the new acreage numbers plugged in.
Corn 3 to 4 cents higher
Soybeans 8 to 12 cents higher
Have a great day!
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