Daily Market Commentary
July 28, 2017
Steady into the weekend is the call today. While weather remains the focus for all commodities, beans will become the biggest focus as we head into August.
Weekly export sales were disappointing for the 16-17 corn crop with only 3.6 million bu. of old crop. This marks the first time we have dropped below projections for the year. On a positive note, the 17-18 crop exports were above trade estimates at 19 million bu., and the highest we have seen in a long time.
I would advise producers to take the following actions:
1. Put in firm offers for the spring/summer of 18 at $4. We are 10-15 cents away this morning.
2. Put in firm offers for the fall of 18 at $4. We are within 5 cents this morning.
3. Finish making sales on all of your old crop. The chances of a board rally now are very slim. Basis will continue to widen as end users are now covered.
With the funds long 106,000 corn and 32,000 soybean contacts I do not look for much positioning ahead of the weekend.
Have a Safe Day!