MarketEdge PM Comments

(Taylor Bensenberg)
 
Good afternoon, 
 
September corn closed down 35 cents at 4.8850 and December corn closed down 33 ¾ at 4.9475. August beans closed up 74 ¼ at 14.42 and November beans closed up 77 ½ cents at 13.4325. Today the USDA released two very import numbers, the stocks and acres. 
 
USDA Stocks 

• Corn 4.106 billion bushels (within the trade estimate) 
• Beans 796 million bushels (below trade estimate) 

USDA Acres

• Corn acres 94.096 million acres (above trade estimate) 
• Bean acres 83.505 million acres (well below trade estimate)  

The above numbers were very bullish beans and very bearish corn. We will need to see some changes to supply and demand to make these numbers make sense. As a reminder, the market has normal trading hours Monday, July 3rd closing at 1:30pm and will reopen Wednesday, July 5^th at 8:30am.

Have a great weekend!