PM Comments 7/31/2014
Thursday, July 31, 2014, 3:07 PM
Submitted by: Joel Pudenz
Same story, different day in the corn market with corn futures closing 3 to 5 lower on good weather forecasts. In Iowa, isolated showers are moving from the western side of the state and should shift southeast this afternoon; chances of rain look good for Wednesday of next week. Export sales didn’t do much to excite the market this morning as corn traded lower for most of the day with December futures settling 4 cents weaker.
Soybean futures were relatively quiet today, trading mixed and closing steady to higher. Strong old crop export numbers supported front end prices, pushing August up 4 cents at the close. The market is closely watching how weather in August shapes up – which includes some nice rainfall next week – and how that will affect the crop. Production estimates due on August 12th from the USDA are projected by some to have soybean yield at 45.4 bu/acre – which would be a record yield number for a USDA report.
Have a good night!