7/01/14 Good afternoon, Weakness spilled over into today’s markets after yesterday’s report. Corn finished lower however gained back some of its lost ground today as funds turned to buyers in the oversold market. The crop progress report showed corn in the good to excellent category improved by 1% to 75%. The stocks report from yesterday now implies that old crop ending stocks in the July 11th crop report should grow. New crop ending stocks will likely be higher as well. Ethanol numbers will be released tomorrow. Bounces will be limited to the technical kind unless the weather turns harsh. Most areas have enough moisture now to endure at least some period of stress. The soybean market also closed weaker today, but like corn, was able to recover into the close. The larger than expected bean acres estimate and favorable weather continue to offer resistance to soybeans. Bean stocks were also higher than expectations. Soybean conditions were unchanged in yesterday’s report at 72% good to excellent. A drier profile will likely help bean development as they typically prefer drier weather until later in the season. Even an average bean yield, with those acres, would result in a substantially higher ending stocks estimate for new crop. Export sales will be released on Thursday. The grain markets will close at noon on Thursday and will be closed on Friday. Adam Bauer
Posted on: Tue, 01 Jul 2014 20:31:24 +0000