Morning Comments July 25, 2018
Wednesday, July 25, 2018, 8:07 AM
Submitted by: Landus Cooperative
Corn up 2 to 3 cents
Soybeans down 2 to 3 cents
September corn contracts closed down 5 1/4 yesterday at $3.52, December at $3.66. We did not see the decline in the crop condition rating as expected, putting downward pressure on the corn market. Weekly ethanol production and stocks will be out today, and trade is expecting to see production levels similar to last week’s and a decline in stocks due to seasonality.
Soybeans had a better day yesterday, with August contracts closing up 10 1/4 at $8.58, November +10 1/2 at $8.73 1/4. Still a ways from “normal” levels this time of year. The talk about the Trump administration working out details for a $12 billion aid program to provide relief to farmers was the big news yesterday, keeping beans above their 20 day moving average. As they say, the devil’s in the details, and these will need to be hammered out before anyone really knows the net effect.