Good Morning 7-12-13… Markets are mixed going into the close of the overnight session with corn futures having turned lower after a mostly firm night in expiring July futures. Weather map shows a building high pressure ridge into next week but is expected to retreat back to the west the following week. If realized would take the central corn belt out of danger during pollination but keep the western 1/3 of the corn belt sill under the gun. I expect to see crop rating levels to show a modest decline do the head and lack of rain in the western Corn Belt. Chart wise, the market are poised to close out the week higher. With the expiration of the July contracts today the lead future chart will show large downside gaps on Monday as the August contract becomes the lead futures month for soybeans 1.30 under the July contract and September futures becomes the lead futures contract 1.60 under the July contract. Chart types will look for those contracts to attempt to fill the gap with August soybeans having the best chart paten to get the job done but it will be a tall order for September corn. H. Dan Zwicker Dan.Zwicker@cgb
Posted on: Fri, 12 Jul 2013 12:28:47 +0000
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