Weekly Market Recap July 20, 2018
Friday, July 20, 2018, 2:07 PM
Submitted by: Landus Cooperative
Overall, we saw some strength come back to the market this week. Corn saw some movement throughout the trade day on Monday but only kept a penny by the close with nearby closing at $3.41 ¾ and December at $3.55 ¼. Soybean traded from up 20 cent to down 6 cents throughout the day, ending the trade day up 12 cents. Monday afternoon’s crop progress report decreased the U.S. crop rating down 3% to 72%, primarily due to large drops in states impacted by drought. Regardless, conditions for both corn and beans are well above were they were at this time last year. We did not see a Turnaround Tuesday this week, with corn adding 4 cents and soybeans up 10 cents by Tuesday’s close. The momentum continued Wednesday and Thursday, with corn and beans putting on 2 to 4 cents both days.
Both corn and soybeans closed in the green today, with corn closing up 4 cents and soybeans up 3 ¾ cents. For the week, September corn futures gained 14 cents and December gained 14 ¼ cents. September soybeans gained 31 cents from last Friday’s close, and November gained 30 ½ cents. Even with the overall positive week, we are still off of most people’s pricing goals. It may seem early to be thinking about your Spring 2019 pricing goals, but we encourage you to sit down with your GMA to look at our March – July 2019 bids and start planning how you would like to market your farm stored grain.
As we go into the weekend, our thoughts are with those who were affected by yesterday’s storms.