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July 6, 2015
CORN: Corn is sharply lower this morning as traders return from the 3 day weekend to find US dollar higher as Greeks voted No on the EU reform while here in US the weather maps calling for warmer/ drier pattern for the Midwest. Crop ratings are expected to show a drop in the G/E with most of the decline to be seen in the Eastern Belt. Pollination is running slightly behind but trade is not too concern about it at this point. Recent hot dry weather in France saw weekly ratings there slip 2% on G/E to 81%. Barley harvest there is 47% complete vs 34% last year at this point. Farmer selling is expected to slow down now with pull back today. Corn deliveries saw 984 contracts put out with no good commercial stopper yet. Commitment of Traders report is out this afternoon which will show where the spec funds were sitting at the close of last Tuesday, the day of the Stocks & Planting report. Support for Dec corn toward $4.20-4.22.
SOY-COMPLEX: Soybeans and the products are sharply lower this morning. Warmer/drier weather forecast for the Midwest and negative outside markets has the complex under pressure this morning. Chinese soybean and meal markets were also under pressure last night while Malaysian palm oil futures were under pressure following the Greek vote. While tonight's US crop ratings are expected to fall 1-2%, the trade is already focused on the improving weather maps in the Midwest. Soybean basis remains defensive but should start to stabilize with the sharply lower board choking off any US farmer selling. Brazilian soybean basis is off 7-10 cents on Friday. In export news S. Korea tendered for 20k tons of soymeal and booked 9k tons for Jly/Aug option origin India or China. S. Korea also booked 12k tons of rapemeal from India for Aug arrival. Support for Nov beans back toward $10.00.
Allied Grain will be closed Friday, July 3rd Have a great 4th of July Weekend!!!
USDA has made its final decision to deregulate Dow AgroScience's Enlist cotton trait, which means all Enlist crops have been approved domestically. Now the company is only awaiting EPA approval to use its Enlist Duo herbicide in cotton.
Some cover crop seed companies are expecting a rise in sales later this summer after widespread flooding and rainfall this summer left many acres empty of crops. At the same time, the drought out West could limit some supplies.