STATELINE COOPERATIVE’S EVENING COMMENTS FOR JULY 17, 2019
July 17, 2019
Corn: North Burt up 1 @ $4.23
Corn prices traded both sides on weather conditions. This week’s heat was thought to have possibly caused damage to the crop, while next week’s cooler/drier conditions are expected to be beneficial to the corn crop.
Closes: September at $4.36, up ¾ cent, December at $4.41 ½, up ¼ cent and July at $4.54 ¾, down ¼ cent.
September corn traded above its 20-Day MA of $4.40 but failed to hold at or above that level by the close. The December corn settled just below its 40-Day MA of $4.42 ¾.
Weekly ethanol production was reported at 1,066,000 barrels per day, an increase of 19k barrels per day.
The average trade estimate for tomorrow’s weekly export sales is 350-800 tmt.
Soybeans down 5 @ $ 8.00
The soy complex closed lower on forecasts for a cooler weather pattern to develop next week. Pressure also stemmed from technical selling. Hopes are that the soybean crop will get a reprieve from this week’s hot/wet conditions to that of cool and dry.
Closes: August at $8.82 ½, down 5 ¼ cents, November at $9.00 ½, down 5 ½ cents and July at $9.39 ½, down 5 cents. The products were softer with meal down nearly a buck and oil down 31 points.
The August traded above its 40-Day MA of $8.85 ¾ but was not able to stay at that level. The November contract closed 5 cents below its 40-Day MA.
Average trade estimate for weekly export sales: 100-700 tmt for beans, 50-300 tmt for meal and 5-50 tmt for soyoil.