Morning Comments July 10, 2018
Tuesday, July 10, 2018, 9:07 AM
Submitted by: Landus Cooperative
Corn down 3c
Soybeans up 8c
Wheat down 15c.
Good morning –
Evolving expectations on European wheat crop size is keeping the wheat pit on its toes. Supportive data last week was unable to prevent sellers from taking 20c off of last Friday’s settlement. This is certainly pressuring corn this morning as the market searches for new information to trade. Weather forecasts are slightly warmer and slightly wetter than average in the 6-10 day and 8-14 day outlooks, staying consistent with previous forecasts. For what it’s worth, European and Australian models show warmer and dryer conditions in the next two weeks.
Crop condition reports showed a small 1% decline in the national corn rating (75% Good/Excellent) and no change on the soybean rating (71% Good/Excellent). It feels as though the trade is comfortable with the condition of the crop. July corn pollination and August soybean pod fill are crucial to final yield so weather will be continually examined and scrutinized in the coming six weeks.
Have a great day!