Morning Comments July 3, 2017
Monday, July 3, 2017, 8:07 AM
Submitted by: Landus Cooperative
Corn up 4-7 cents
Beans up 15-22
Markets will be open today until 12:05 p.m.
And will re-open Wednesday July 5th at 8:30 a.m.
Corn has pretty much forgotten about the bearish stocks and acreage report from last Friday and has moved on to weather. Additionally, wheat continues rallying on poor conditions in the Dakotas. The 6-10 day forecast calls for hotter and drier weather which adds to the bullish sentiment this morning.
Soybeans are also being supportive to corn as fund managers eyeing long-established shorts take profit. The soybean market is up again because of hotter forecast for next 10 days. The report on Friday was friendly to the soybean market. Stocks came in 20 million bushels lower than trade expected.
All-in-all, with the holiday, news will be sparse today. Wednesday could be a volatile day after the mid-week break – especially with the hot/dry weather narrative the bulls are chewing on at the moment.
Have a happy and safe 4th of July!