Morning Comments June 28, 2019

Agriculture Cereals Corn 1242 Pixels Free To Use

Opening Calls:

Corn 1-2 lower

Beans 2-3 higher

USDA Stocks and Acreage report will be out at 11 am today. Trade gave up a little yesterday on both corn and beans trying to reduce their exposure before today’s report.

Just a reminder that this report is based on June 1st numbers, and obviously, there were corn and beans planted after June 1. 

Today US corn is the most expensive in the world. Traders are worried that the June 1st stocks number will show more corn still in the farmer's hand. 

That with a reduced export number for corn, might not be supportive to the July 11th WASDE report.

Also, traders are still waiting to hear what is coming out of the G20 summit meeting.

Stay tuned for an update after the 11 AM report and a recap during the Bull Bear Banter podcast later today.