Morning Comments Friday, July 1st:

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Currently grains are trading mixed, corn is up 3-5 cents, beans are down 9-15, and the wheat market trading up 4-8 cents. As of this morning grain prices are mixed as we head into the 3 day Fourth of July weekend with markets closed on Monday. Yesterday USDA quarterly grain stocks reports did not produce any surprises. Grain stocks as of June 1 for corn, beans and wheat came in just slightly above trade expectations and was not considered a big factor. The bulls were likely disanointed the stocks weren’t lower. Corn and wheat acres came in slightly above trade expectations in USDA’s acreage report while soybean acres came in 2.1 million acres below pre report estimates.

With the stocks and acreage reports now behind us the markets primary focus will be put on weather. The forecast is warm with temps well above average for the first half of July the next w weeks but there also could be some very good rains especially in portions of the heart of the belt. Rainfall in some areas could see as much as 1-2 inches over the next 7 days and that is keeping the bulls on the sidelines at this time for the most part. Weather outlook as we head into Monday evening and Tuesday morning next week will be the driver for grain prices into early July.

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