Ag futures are trading on both sides of unchanged this morning. This weekends Spanish Bank Bailout provided an initial rally last night as equity and energy futures were sharply higher and the US Dollar and interest rate futures were sharply lower. The outside markets provided a brief rally overnight and into this morning.
Corn futures are currently down 2 to 7c. There is a diminishing chance of rain thoughout most of the corn belt until tomorrow. Rainfall accumulation over the past 48 hours has remained under .50". The weather pattern is mostly staying in the North and Western Corn belt and doesn't appear to help the most needed areas. Analyst are also anticipating a drop in overall corn condition in this afternoon's crop progress and condition report. I expect the Good/Excellent category to be 69% down 3% from last week.
Soybean Futures have been all over the board today and have a 27c range in the July Contract. The market is currently unchanged to 4c higher. It appears that China is going to continue to import large amounts of soybeans, the increase in Chinese imports will likely cause the USDA to increase projected exports.
Wheat futures are 1 to 4c higher. They are the strongest grain as of mid-day, based on "hot and dry" weather in Eastern Europe and China.
Justin R. Lewis, M.B.A.
V.P. - KIS Futures, Inc.
Toll Free: (877) 431-9805