Morning Comments July 11, 2017
Tuesday, July 11, 2017, 8:07 AM
Submitted by: Landus Cooperative
Corn -4 to -5
Soybeans -10 to -11
Both corn and soybeans are trading lower this morning due to reports of spotty rain and producer selling during yesterday’s upward moving trading session. Additionally, the funds are taking profits and moving into position for the WASDE report that comes out tomorrow. It is expected that this report will reflect the bearish stocks and acreage report that came out on June 30. This creates the potential for markets to move down sharply.
Perhaps the only bullish news - other than the extended forecast - is the crop progress report that came out yesterday afternoon. Corn crop ratings for the U.S. decreased 3% from last week, while soybean conditions fell 2% from the week prior. The trade is still trying to determine how these ratings will effect yields come October.
The 6-10 day forecast expects that much of the Western Corn Belt will continue to be hot and dry. However, if there continues to be spotty rain in much needed areas, market highs can deteriorate rapidly.
Additionally, Landus Cooperative is working on a mobile app that will enhance our customer’s experience with the company. Currently, we are looking for feedback on what you, the producer, would like to see on the app. If you are interested, please take no more than five minutes of your time to fill out our quick survey here: https://docs.google.com/forms/u/0/d/e/1FAIpQLSeydlghlSFZ3VYR_FegvkO4aDMVhXGeyhv1wniD-JplbtCQJA/viewform?usp=sf_link
Thank you for your help!