Morning Comments June 27, 2017
Tuesday, June 27, 2017, 8:06 AM
Submitted by: Landus Cooperative
Corn +1 to +2
Beans +7 to +8
No improvement in the crop conditions report compared to last week is giving the corn market a slight bump this morning after settling +1 ¼ to 2 ¾ cents higher yesterday. Still a ways to go after losing over a quarter last week. The crop report showed 4% of the corn crop was silking compared to 5% for last year and the average. Looking ahead to Friday’s Acreage report, analysts are expecting an average of 89.9 million acres were planted, down slightly from the intentions released in March.
Yesterday, soybeans closed 2 to 3 ½ cents higher yesterday, and are currently showing a little more improvement around 8 cents. Nearby soybeans lost 34 ½ cents last week, while new crop lost 39 cents. Emergence is even with last year at 94% and ahead of the 91% average. The report indicated this year’s crop is ahead for blooming at 9% as of Sunday, compared to last year’s 8% and the average of 7%. Condition ratings dropped 1% down to 66% good/excellent, a primary reason for the jump we are seeing this morning. Acreage is estimated to be slightly higher over March’s number at 89.75 million acres.