Morning Comments June 8, 2018

Friday, June 8, 2018, 8:06 AM
Submitted by: Landus Cooperative

Opening Calls:

Corn steady

Beans down 3


Yesterday, the July corn contract closed 2 cents lower, settling at $3.76 1/4, and the December contract closed 3 cents lower, closing at $3.96 3/4.  The July bean contract closed 20 cents lower yesterday, settling at $9.74 1/4, and the November contract was 18 3/4 cents lower, settling at $9 94 3/4.  The consensus is that funds eliminated some 85,000 plus long positions this week, and with little U.S. drought concerns, and with weekly export sales coming disappointingly weak, corn is in a tough place to build a story to the positive.  Beans continue their slide down with another disappointing week in exports, uncertainty over tariffs, and the Brazilian Reel falling sharply.  Trade is now waiting for news out the G-7 meeting, and the ongoing negotiations with China.


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