Morning Comments July 23, 2018
Monday, July 23, 2018, 8:07 AM
Submitted by: Landus Cooperative
Corn up 1 to 2 cents
Soybeans unchanged to down 1 cent
Grain ended last week with some strength, with both corn and soybeans closing up 3 to 4 cents on Friday. Corn contracts are currently trading up a penny at the start of this week. Friday’s CFTC report showed funds added 24,947 contracts to their net short position, putting them at -129,323 contracts on Tuesday.
Soybeans are mostly unchanged to start Monday. Last week’s CFTC report showed funds at -58,399 contracts, with another 5,152 contracts added to their net short position. According to the USDA, China canceled 165,000 tons of optional origin beans for 2018/19. Other than that, we are not seeing much news on the trade talks.
Crop progress report out at 3 PM today. Ratings are expected to drop 1-2% for both corn and beans.