Morning Comments July 23, 2019

Field Landscape

Opening calls:

Corn: penny higher

Beans: 3 cents lower 

Grains trading mixed this morning as yesterday’s crop progress report led to a slight decline in corn condition ratings during a key development week. Corn is rated at 57% good/excellent, now down from 72% last year and the 71% five-year average. Soybean ratings remained steady this week with 54% of the crop rated good/excellent, below 70% last year and the 66% five-year average. Rumors on twitter yesterday of possibly 15-20 million acres in U.S. prevented plant from the USDA- no wires can confirm this, however. The trade will continue to watch the weather forecast along with any more news regarding acre estimates for the August report.