The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
Grain TV is a daily recap after the market close, providing opinions on fundamental analysis of market direction, influences and expectations. This daily program is produced by Grain Hedge, a discount brokerage firm that provides farmers and elevators with agricultural intelligence including live market quotes, cash bid data, the Grain Hedge Optimizer™ and mobile trading platforms, all for $7 commission per side. Grain Hedge provides tools to allow farmers the ability to trade when the markets move without having to wait for a broker and the information to execute a marketing strategy with confidence.
Grains are up once again this morning, with DEC corn printing trades above $7.00 and November soybeans trading up 38 1/4 cents to $15.13. Precipitation failed to hit key growing areas over the 4th of July holiday, and as a result grain futures gapped 15-20 cents higher on the open.
The first weeks of July will be critical to determining yield on this crop, as pollination is well underway in many states. Below is the 6-10 precipitation forecast from Planalytics good for July 10th - 14th. As you can see there are expectations for below average precipitation across the corn belt. Expect this rally to continue until we have rain falling in Iowa, Illinois, and Indiana where they need between 8-12 inches of precipitation to end drought conditions.
Want to watch and trade these markets whenever they are open? Take a demo of our Firetip trading platform and get started!
THERE IS A SUBSTANTIAL RISK OF LOSS IN TRADING FUTURES AND OPTIONS. FUTURES TRADING IS NOT APPROPRIATE FOR ALL INVESTORS. PLEASE READ OUR RISK DISCLOSURE.
No comments have been posted to this Blog Post