We start off the day with MBA Mortgage Applications (16/Jul) and MBA 30-Year Mortgage Rate (16/Jul)), EIA Energy Stocks at 9:30 A.M., 20-Year Bond Auction at 12:00 P.M. and Dairy Product Sales at 2:00 P.M.
On the Corn Front we have 56% of the corn crop silking and both corn and soybeans are above the five-year average. The USDA also said that 8% of the corn crop is in dough stage versus the five-year average of 7%. The good to excellent rating remained at 65%. While these numbers were somewhat impressive there is plenty of weather ahead as the Corn Belt braces for the dog days of summer and heat and lack of moisture are in the forecasts. The bullish fundamentals still trumps any good news on the crop. More volatility and higher prices ahead. In the overnight electronic session the December corn is currently trading at 572 which is 6 ¼ cents higher. The trading range has been 572 ¼ to 564 ½.
Have A Great Trading Day!
Dan Flynn -