Morning Comments July 19, 2019

Corn closeup

Opening Calls:

Corn 1-2 better

Beans 8-10 better

Corn fell under the 50-day moving average yesterday as we continue to see crucial rains and poor export demand. South America continues to be very competitive in the world corn market with their FOB basis declining to new seasonal lows. However, the corn market is trading higher this morning despite the bearish factors. Soybeans are trading higher this morning as the trade is attempting to determine if the late planting dates will diminish this year’s crop. However, slow Chinese demand and South American supplies being much cheaper in the world market will keep the lid on any substantial rallies. 

Basis levels continue to be firm for this year’s harvest and if you think the futures are going to rally, now would be a great time to lock in a basis level. Call your Grain Marketing Advisor or your local Landus Cooperative location if you are interested or have any questions.

Grain comments 071919 temp prob