Morning Comments July 25, 2017
Tuesday, July 25, 2017, 8:07 AM
Submitted by: Landus Cooperative
Corn: 2-3 cents lower
Soybeans: 6-7 cents higher
The national crop condition rating report released yesterday afternoon showed corn’s good/excellent condition dropping 2% to 62%, with Iowa losing 3% to 68%. This decline was pretty much anticipated by the trade after last week’s hot and dry weather pattern. The question is how this rating translates to final yield. The current consensus seems to be hovering right around the 165bpa mark. During the overnight, the corn market attempted a rally from the lower crop condition rating but said rally has run out of steam this morning.
The crop condition rating report released yesterday afternoon came in a bit lower for soybeans than was expected. The national soybeans good/excellent rating declined 4% to 57%, with Iowa losing 1% to 62%. The soybean market is trading higher this morning but not as high as expected considering the disappointing crop condition rating. Yesterday’s trade did turn momentum indicators lower.
**Reminder to anyone that has grain on a Price Later contract with Landus Cooperative.**
Our pricing deadline is fast approaching and we have established our roll over rates as follows:
Corn 8 cents/bushel
Beans 4 cents/bushel
PLUS approximately 3 cents/bushel per month for both (this is prorated daily).
If you have not signed the proper paperwork to roll it over by the deadline, it will be priced, the check will be sent, and it will be too late to defer the payment.
PLEASE make sure you communicate with us if you want to do anything other than have it automatically priced and a check sent to you.
Call your local office, your Grain Marketing Advisor, or our grain buyers in Ames (877) 778-2226 if you have any questions.