Daily Market Commentary
July 24, 2017
The markets are trading weekend weather that brought rain and cooler temperatures across MN, IA, IL and most of the eastern corn belt.
Friday’s cattle on feed report showed placements at 116% vs 106 % estimated. Cattle on feed was 104% vs 103% estimate and marketing’s were reported at 104%. The cattle inventory report showed total June cattle and calf inventory at 104% and 106% respectively.
With the gap lower in December corn and November soybeans, todays closed will be important to watch. If we fail to cover these gaps, look for extended selling by the technical traders this week.
Crop conditions this afternoon are expected to drop 2-3% in the G/E category for corn and soybeans.
Have a Safe Week!