Corn Futures were lower today. The December contract closed below its 20-day moving average of $4.48 ¼. A break below this level signifies that the bulls have lost the short-term technical edge. The potential for a change in the current weather pattern combined with weak Chinese economic growth weighed on prices. The weather remains a key factor in the corn market. Extreme heat is currently forecast for most of the major growing areas across the U.S. the next 10 days. Although, temperatures look to potentially cool down the middle of next week. This afternoon will bring updated crop condition ratings from NASS. Market participants are looking for a slight drop in the corn ratings. Corn is expected near 55-56% good/excellent. Last week the U.S. corn crop was rated 57% GTE and 71.4% is the 5-year average. Weekly corn export inspections totaled 26.6 mln. bu. in this morning’s report. This was within trade expectations and slightly better than the approximate 22.7 mln. bu. a week total “needed” to meet USDA’s annual 18/19 export projection.
Soybeans Soybean futures closed the session double digits weaker. Support for November beans rests at $9.18 ¾, the 20-day moving average. Bean futures also dropped today after news circulated that China’s GDP had fallen 6.2% in their second quarter. That combined with the potential change in the forecast drove futures lower. Chinese imports also remain a hindrance for the soy complex. Recent data out of China shows just how far their bean imports have been reduced this year due to ASF and the U.S. trade war. For the calendar year, China’s bean imports are 6.61 MMT’s less than last year. Weekly U.S. soybean export inspections came in this morning at 31.4 mln. bu. NOPA crush was also released today, totaling 149 mln. bu. vs. 155 mln. in the month of May. Today’s number came in below trade expectations and was the lowest total since September 2017. This afternoon will bring updated crop condition ratings. Market participants are looking for a slight drop in the soybean rating near 51-52% good/excellent. Last week beans were rated 53% GTE and 67.2% is the 5-year average.
This data and these comments are provided for information purposes only and are not intended to be used for specific trading strategies. Although all information is believed to be reliable, we cannot guarantee its accuracy or completeness. The risk of loss in trading futures and/or options is substantial. Each investor must consider whether this is a suitable investment. When trading futures and/or options, it is possible to lose more than the full value of your account.
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