Markets are softer this morning to end the week. July corn was unable to maintain the upward momentum overnight following yesterday’s turnaround. Equity markets are relatively quiet despite the Trump Administrations threat of additional tariffs against Mexico looming on Monday.
The market has seen some selling pressure as weather forecasts become clearer with farmers across the Corn Belt looking like they will enjoy favorable weather for the 11th hour planting through the middle of next week.
Yesterday’s export sales report was disappointing to say the least. Corn came in at a negative 300,000 bu., due to cancellations. Argentina and Brazils record production and supply has and will continue to have an impact on US demand.
Next weeks planting progress (Monday afternoon) and USDA S&D report (Tuesday morning) are highly anticipated by traders looking for future direction.
Have a Safe Day!