Good Morning 7-11-13… Markets are quietly mixed waiting on this morning USDA report to be released at 11:00 am central time. Expiring July corn futures was the big mover in the overnight session with a rally to 7.29, penetrating the 7.22 high posted by the May futures contract before it expired a couple of months ago. Expiring July soybean futures showed modest follow downside follow through from its double digit lost on Wednesday. Not much change in the chart picture for new crop months as they held fairly close to Wednesday’s close. In overnight outside market activity the dollar moved sharply lower after Bernanke comments suggesting the Fed needs to follow a more accommodative monetary policy for the foreseeable future. This provided underlying fundamental support to commodities across the board with gold futures posting a 32 dollar advance at this writing. Bond recovered a 100 points of its big decline over the past several months if interest rate are going to stop rising, at least for the time being. Weather maps continue to show heat and dryness in the south western Corn Belt which will likely begging to pull down overall crop rating levels. H. Dan Zwicker Dan.Zwicker@cgb
Posted on: Thu, 11 Jul 2013 12:25:44 +0000
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