Morning Comments July 24, 2017
Monday, July 24, 2017, 8:07 AM
Submitted by: Landus Cooperative
Corn -6 to -8
Beans -19 to -20
After gaining 3-4 cents last week, corn took a nose dive on the overnight trading session. Improved weather forecasts released Friday afternoon got even better last night, therefore the trade is taking a good bit of weather premium out of the market. Many in the trade are assuming this afternoon’s crop condition rating report will reflect a 1%-3% decline in the good/excellent category for corn. Temperatures for the upcoming week are expected to be seasonally mild.
Soybeans gave up all of their 20 cent gain last week during the overnight trading session. The trade is expecting a 1%-2% drop in the condition rating for soybeans. There are a lot of reports that soybeans are looking rough, short and generally like they have endured a tough month of July. As we move in to August, the impact of weather on the soybean crop will increase. The weather forecasts and the weekly crop condition ratings are going to dictate market direction for the next 2-3 weeks.
Crude oil is managing a small recovery from last week while the dollar is holding on to Friday’s 2-year low.