Morning Comments July 18, 2018
Wednesday, July 18, 2018, 8:07 AM
Submitted by: Landus Cooperative
Corn up 2
Beans up 4
Yesterday, the September corn contract closed 4 1/2 cents higher settling at $3.46 1/4, and the December contract was 4 1/2 cents higher closing at $3.59 3/4. Supportive to corn is strong demand, the lowering of the crop rating trimming back yield expectations, and a general belief that too much weather premium has been taken out. The August bean contract closed 10 cents higher yesterday, settling at $8.39 1/2 and the November contract was 9 1/2 cents better settling at $8.55 1/4. Beans are trading higher as technicals point to beans being oversold, a decline in the crop rating, and despite tariffs good demand for U.S. beans.
The weather continues to be positive with cool and chances of precipitation across the corn belt as corn pollination is underway. Don’t forget: Bean Extended Price contracts come due on Friday the 20th and Corn Extended Price Contracts come due on the 31st.