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July 8, 2019: Mark's Market Talk

July 8, 2019

A holiday shortened week may have been what these markets needed after last Friday’s acre report. Right now most of the traders don’t agree with the corn acres that were presented in the report but that’s what they have to trade on today. This week they will come out with the July supply and demand report that will use last Friday’s acre number but it is anticipated that they will lower the average corn yield again. We won’t see a better acre number until the August report and by that time we will know how pollination went. So for the next 6 weeks weather will be a lead topic on corn production. This past week corn recovered some of last Friday’s loss as it closed 11 cents higher. Basis levels continue to strengthen as terminals struggle to source corn. The farmers who still own old crop corn appear willing to hold until pollination and that will take the whole month of July and more this year. Beans continued their slide downward this week as we lost almost 30 cents. The funds are disappointed we haven’t seen any big China sales. If they drop the bean yield 2 or 3 bushels on this week’s report and use last week acre number it could be enough to stop the blood. Hopefully by then the Chinese will come around. Our beans are cheaper than South America’s and sooner or later the rest of the world including China should come knocking.
Posted: 7/8/2019 8:29:07 AM by Rob Matherly | with 0 comments

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