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DTN analyst Todd Hultman says Dec 2017 corn has lagged while later-dated Dec 2018 corn shows a more bullish response. USDA good-to-excellent corn ratings fell from 64% to 62% and soybeans from 61% to 57% in the July 24 Crop Progress report, with double-digit poor-to-very-poor ratings in Illinois, Nebraska, Indiana and Ohio.
DTN's national cash corn index was about $3.32/bu on July 21, below USDA's 2016 cost-of-production estimate of $3.67.
Heat-driven rating declines point to lower corn yields, but ample old-crop stocks are capping nearby prices, so feed buyers face a market where deferred contracts carry more weather premium than spot.
dtnpf.comTodd HultmanJul 25, 2017Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
