Monday, July 29, 2013

"Corn Extends Drop to 33-Month Low on U.S. Crop; Soybeans Decline"

Bankers serving ag regions are starting to get a bit nervous.
Corn $4.7175 down 4.25 cents, wheat $6.5150 up 1 1/4, soybeans $12.1275 down 15.75 cents.
From Bloomberg:
Corn extended declines to a 33-month low and soybeans fell on speculation that U.S. crops will benefit from cooler weather and rain in the next two weeks. Wheat rose.

Temperatures will average below normal over much of the Midwest in the next two weeks, helping to boost yields in areas with adequate soil moisture and reducing stress on crops that have not received significant rain this month, World Weather Inc. said in a report today. Fields from Kansas to Kentucky will get rain during the next two days and some crops in Nebraska and Iowa will benefit from moisture beginning Aug. 1, the private forecaster said.

“Corn and soybeans are in generally good condition, and the weather remains favorable for the next two weeks,” Jim Gerlach, the president of A/C Trading Co. in Fowler, Indiana, said in a telephone interview. “It’s too early to start worrying that current cool weather will result in early freeze and crop losses until later in August.”...MORE
See also:
"Ideal weather sends corn, wheat prices to new lows"
US Farmland: Price Growth Slows, as Farm Profits Fall (corn now under $5.00)
"Deutsche slashes hopes for corn, soybean prices"
Macquarie Calling For Corn in the Low $4's 
Macquarie "Wheat 50% overvalued - corn to hit three-year low"
Corn: Deutsche sees potential for price below $4
"INSIGHT-Big U.S. harvest may hit grain prices, test high farmland values"