Morning Comments July 10, 2019

July corn

Opening Calls

Corn down 2-4

Beans up 1-2

The corn market fell off yesterday as the funds sold off ahead of Thursday’s WASDE report. The fear is that the USDA will use the June acreage numbers and then lower expected demand, resulting in a much higher carryout than what the trade is expecting. This morning corn is lower with good weather forecast and anticipation for Thursday’s report.

Beans saw a slight rally yesterday after a decrease in Monday’s condition rating and rumors that trade talks with China have a chance of resuming. This morning beans are moving higher again as the market waits for Thursday’s report.