Morning Comments July 16, 2018
Monday, July 16, 2018, 8:07 AM
Submitted by: Landus Cooperative
Corn Steady to slightly lower
Beans Steady to slightly higher
At the end of the overnight session, old crop corn and beans were slightly lower. New Crop futures months were unchanged to slightly higher in some deferred bean contracts. Outside markets are showing the Dow Jones up a little, the dollar lower and crude oil lower.
For corn, today, we’ll get an updated crop progress report after the market closes. Along with local issues of excessive water, the heat we saw last week will probably impact crop ratings negatively. During this downturn the past 7 weeks, corn prices are down about 18%, but demand remains decent.
On soybeans, for the past 7 weeks, we’re off 23%. Domestic demand remains strong, with NOPA crush expected to show June demand nearly 4% higher than this time last year. That’s one good point of data, but the overhanging issue continues to be the trade dispute with China and the disruption of export flows. China has filed a WTO dispute on the most recent $200 billion in tariffs.