Morning Comments July 24, 2019

Agronomy Young Soybeans

Opening calls:

Corn: 3 cents higher

Beans: 4 cents higher 

Good morning!

Grains trading higher this morning as the weather forecast dominates once again. The corn belt forecast has dried up the last couple of days, not really showing a concrete chance of rain going into the first few weeks of August. Traders recognize how far behind the national crops are, especially beans. The corn market is also supported by estimates of preventative plant acres continuing to rise to 8 million acres or more. This will become a bigger deal to the trade as more wires come out with acre estimates. 

The U.S. dollar is also weaker this morning, giving support to ag commodities.