Scale Hours: Monday - Friday 7am - 4pm Office Hours: Monday - Friday 7am - 4pm BRING IN YOUR CORN OR SOYBEANS WITHOUT HAVING TO PAY STORAGE OR PRICE IT UNTIL AUGUST 31, 2014!
CORN: Corn futures opened lower on the bearish conditions report but then spent most of the night slowly trending higher. Corn comes into this morning 1-2 cents higher. The USDA left corn conditions exactly unchanged from a week ago, unusual for this time of year as conditions are typically declining (see RJOMRT charts below). Along with a weather forecast that calls for normal to slightly below normal temperatures and rainfall, this has the trade still very confident that the US corn crop will be a big one. The trade's focus is shifting to the next issues such as, how does the US move and store such a large crop and what kind of demand will there be. Freight rates continue to push higher on both rail and barge.
SOY-COMPLEX: Soybeans also saw a "sell the rumor, buy the fact" trade regarding the crop ratings overnight. They come into this morning 3-13 cents higher. The products are also slightly higher. The USDA bumped the percentage of the US soybean crop that was rated good up by 1%, the percent rated excellent was unchanged at 16%. The result is a crop that is by far and away the best rated crop at this point in recent memory. The trade will watch closely at 8:00 this morning to see if the USDA announces any more sales to China or unknown.
The outside markets are a mixed bag with the cattle, cotton, petroleum products, and stocks trading higher but hogs, sugar, andmetals trading lower. The US dollar is also higher, offering a bearish influence.Today will be a good test to see if these markets can hold even the slightest of profit-taking bounces. The direction of these markets is still unquestionably lower but better performance on bounces could be evidence that the rate of descent is finally slowing.