Corn futures settle mid-range ahead of July WASDE data.
Ted Seifried of Zaner Ag Hedge provides a detailed look at the recent price action in December Corn futures, noting the market's current mid-range position after early-week strength. With the July WASDE report approaching, expectations point toward modest reductions in both old and new crop ending stocks, driven by a potential increase in feed and residual demand as well as a need for higher export figures on the USDA balance sheet. Additionally, Seifried reviews the latest weekly export sales report, highlighting that both old and new crop numbers fell below trade expectations. Finally, he underscores the market's transition into a weather-driven phase, with traders closely monitoring forecasts for hot and dry conditions expected in the coming week.
Ted Seifried of Zaner Ag Hedge provides a detailed look at the recent price action in December Corn futures, noting the market's current mid-range position after early-week strength.
With the July WASDE report approaching, expectations point toward modest reductions in both old and new crop ending stocks, driven by a potential increase in feed and residual demand as well as a need for higher export figures on the USDA balance sheet.
Additionally, Seifried reviews the latest weekly export sales report, highlighting that both old and new crop numbers fell below trade expectations.
Finally, he underscores the market's transition into a weather-driven phase, with traders closely monitoring forecasts for hot and dry conditions expected in the coming week.