Morning Comments July 6, 2017
Thursday, July 6, 2017, 8:07 AM
Submitted by: Landus Cooperative
Corn -7 to -8
Beans -5 to -6
Overnight, corn, soybeans and wheat were all lower.
Crop conditions report came out late yesterday. Condition of the corn crop increased in the Good/Excellent 1%. That was a surprise to everyone, with expectations of losing 1% or more.
Interesting fact that came out yesterday, but was kind of swept under the rug. Egypt rejected a vessel of corn from Ukraine. So does that mean that Egypt has enough corn? Is the price of corn world wide getting to high? Or was it the fact that Egypt said that the corn was too low quality?
Minneapolis wheat was at one point yesterday 52 cents higher, then 42 cents lower and closed a little higher. Chicago wheat ended the night session down 20.
Corn will now be looking for something else to help it move higher. With the 7-10 day forecast calling for cooler/wetter weather and wheat bouncing all over the place, what can help corn keep it together?
Yesterday, November soybeans posted its highest close since March. Bean crop conditions in the Good/Excellent dropped 2% yesterday, now at 64%. They traded lower overnight because of weakness in the other grains.
Remember offer contracts work great in volatile markets. Do you have yours in place?