July 11th, 2019 Commentary by Ashton

Good morning! Corn and wheat markets are mostly lower while soybeans are unchanged ahead of the todays reports. Weekly export sales were seen as negative.

USDA’s July WASDE will be released today at 11 am CDT. There is a lot of uncertainty around what the USDA will report so it could be a volatile day.

The US and China have continued negotiations by phone this week as China has introduced some new people to lead the negotiations.

Major oil producers are shutting  down production at many deep water gulf platforms in advance of tropical storm Barry in the Gulf of Mexico. Because the lower Mississippi is already near major flood levels, any significant rains puts New Orleans at great risk. The storm is also being watched to see if it will bring rain up to the Midwest.

Have a great and safe day!

Sept/Dec Spread:
Corn: 3 ½ carry.
Aug/Sept spread:
Soybeans: 5 ¾ carry.

Afternoon Update:
Corn, soybean and wheat markets rose Thursday in active trade. The markets initially traded lower after the released of the USDA’s Crop Production and WASDE reports. Prices rose later in the session with wheat leading the way higher.

© 2019 CHS Inc.