AM Comments 07/25/16
Monday, July 25, 2016, 12:07 PM
Submitted by: Dustin Weiner
The markets overnight were quiet, spending time on both sides of Friday’s close though they seem to be angling higher. Some of the strength we are seeing appears to be spillover from the wheat market which had a nice bounce back on Friday and continued higher last night – due mostly to technical (read: chart) reasons along with a rough looking wheat harvest in Europe. However, with what we know about overall wheat fundamentals (bearish), rallies led by wheat seem hard to trust.
You may have heard that China has had massive rains recently causing flooding – while many thought that might give us a bump in last night’s trade it is still pretty unclear how that will effect crops in that country. Looking at weather here in the U.S. things still look pretty good. There were nice rains that fell over the northern belt this week and the forecast this week looks cool and wet. The extended forecast looks like it may bring some heat, but it looks like it could bring precip also. The weekly crop conditions report will be out later today, and while there could be some small setbacks in good-to-excellent ratings because of the heat we experienced – overall we still have what should be a great crop out there.
Have a great day!
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