Morning Comments July 11, 2019

Corn with location behind

Opening Calls

Corn down 2-4

Beans steady to down 2

Corn traded slightly higher yesterday with some technical buying ahead of today’s WASDE report, with some additional support provided by warmer, dryer weather in the forecast. Corn markets are down slightly this morning as the trade waits for today's report numbers. Some slight demand adjustments are expected today but trade is more focused on supply, and what the acreage and yield numbers will look like. 

Beans finished higher yesterday with the November contract closing 8 ½ higher on the day as the funds look to cover some of their short position ahead of the WASDE report. It will be interesting to see what the USDA does with bean yield with late planting, and how they will incorporate the decrease in planted acres that was reported last month. At the end of the day, the new crop carryout is still expected to be 800 million bushels or more. This could provide some resistance to any possible bullish news today.

071119 Morning Comments