Morning Comments June 6, 2018
Wednesday, June 6, 2018, 8:06 AM
Submitted by: Landus Cooperative
Corn steady to 1c higher
Wheat up 6
Yesterday, the July corn contract closed 3 cents higher settling at $3.83 3/4, and the December contract closed 2 3/4 cents better closing at $4.04. The July bean contract closed 1/2 cent lower yesterday, settling at $10.01 1/4, and the November contract was 1 cent better settling at $10.20 1/2. Grains were steady or higher yesterday as trade felt Monday’s sell-off was overdone, and wheat was supportive with dryness concerns in the Black Sea Region, Australia, and Brazil. Weather models are coming in conflicting with one being wet and the other showing hot and dry, not giving any direction to grains. Funds are waiting on trade news; China is offering to buy $70 billion worth of goods if the U.S. backs of tariffs and the dollar is weaker. Additional tariffs announced by Mexico in retaliation includes 20-25% duties on cheeses and apples, so far they haven’t proposed tariffs on U.S. corn.