AM Comments 07/22/16
Friday, July 22, 2016, 1:07 PM
Submitted by: Dustin Weiner
Our markets are lower on weather that looks a touch less threatening yet again. While the back end of the two-week forecast looks a little hotter this morning, the forecasted rains coming ahead of that are showing increased coverage. Yesterday’s run on precip for the next 5 days was showing 50% of the corn belt getting coverage and this morning it is now showing 65% coverage. Also – it rained in Chicago last night, so… you know - sell sell sell!
Overall - the market is (obviously) coming to the realization in corn that there is a massive crop brewing out there. Soybean crop size is a little more up in the air but as we inch closer and closer to August without weather risk, the trade seems very willing to remove premiums from the market.
Corn 2 to 4 cents lower
Soybeans 15 to 20 cents lower
Have a great day!
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