Monday, June 10th
7:39 AM
Current market: corn down 4, beans down 7
Overnight Asian markets were higher with report out Friday that President Trump wasn't going to pursue tariffs on Mexico. Exports out of China unexpectedly rose with their weaker economy importing less. Vietnam called a few Chinese companies out for trying to sidestep the US levies with fake product-origin certificates. Many European exchanges were closed for holiday but those that are open are showing gains at midday. The Bank of Japan has joined the Fed and the ECB with more dovish signaling. US markets are showing gains in pre-market trading, and gold is working lower.
Mexico tariff threat over, funds now long corn, planting progress expected to be north of 80%...markets working lower in the overnight. The market is now weighing the prospects of how many acres are actually going to be lost and what conditions this crop got planted in and how that might affect final yield. Tomorrow's June WASDE report likely won't attempt to make too many changes to yields and acres, but analysts are estimating a 171.1 corn yield and 49.0 bean yield.
AG