Morning Comments June 28, 2017
Wednesday, June 28, 2017, 8:06 AM
Submitted by: Landus Cooperative
Corn -1 to unchanged
Beans +1 to +2
Yesterday, July corn closed ¼ cent better at $3.59 ¼ while December corn managed 1 ½ cents higher at $3.78 ½ by the close. The corn market attempted a rally yesterday, spurred by momentum indicators turning upward and concerns about a high pressure ridge bringing hot temperatures to the Midwest after the 4th. Concerns about the hot weather have been tamped by the forecasted rain, expected to offset the potential damage brought on by a short heat wave.
Soybeans started yesterday with + 7-8 cent gains, but only managed to keep 4 ½ cents for July (at $9.11 ¼) and 3 ¾ cents for November (at $9.17 ½) by the close. Everything is pretty much in limbo until Friday’s report, and even then no one is expecting major surprises. Traders are considering the post- July 4th weather, but the real focus for beans is August weather. Until then beans are following corn.