Morning Comments June 1, 2017
Thursday, June 1, 2017, 8:06 AM
Submitted by: Landus Cooperative
Corn: steady to 1 higher
Beans: 4 to 5 cents higher
Grains higher this morning following yesterday’s rally led by a poorer than expected crop conditions report. It seems the corn belt has gotten the crops into the ground, but the wet weather has certainly taken its toll, especially in the eastern region. During yesterday’s rally, it is estimated that funds bought 10,000 contracts of corn and 6,000 soybean contracts. But, that still leaves them close to 170,000 contracts short corn and over 90,000 contracts short of beans.
We will be getting some fresh fundamental news today with weekly ethanol report at 10 a.m., as well as month grain crushings report released at 2 p.m. Our weekly export numbers will be delayed until Friday due to Monday’s holiday. Traders continue to monitor weather forecasts and crop conditions very closely. Before too long, we will start seeing photos circulating the web on how good/bad/ugly the crops really are. Something worth paying attention to.
Have a good day!