Morning Comments July 8, 2019

Field Landscape

Opening Calls

Corn up 3-4 

Soybeans up 1-2

This morning the corn market gapped higher on the Sunday night open and held on overnight. Prices are supported by warmer and drier weather forecasts for the next two weeks. A little dry weather would be ok, but the concern is that hot weather through pollination could be an issue. 

Beans are trading higher as well this morning with some concern of a dry extended forecast for much of the Midwest. An extended rally will require some new positive news as the bean market is still facing little Chinese demand, a large South American crop, and at least an adequate U.S. crop. 

The USDA crop progress report will be out later today along with the monthly production, supply and demand report that will be out this Thursday.

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