Coffee Cup Comments
Slightly lower to start this morning. Quiet trade with not much for news stories to trade from. We are moving into a seasonal trend where prices generally move lower into harvest. However, given the tight balance sheets the market seem content to trade the weather for a longer time frame than when supplies are more plentiful. New crop corn exports were supportive exceeding the weekly expectations. The spring wheat tour conclude on Thursday and had an estimated yield of 29.1 bpa for North Dakota, the lowest since 1993. Look for choppy trade as we end the week and the trading month of July.