PM Comments 8/1/2014
Friday, August 1, 2014, 3:08 PM
Submitted by: Joel Pudenz
Good bye July! August didn’t open with any exciting changes, just more of the same. Great weather, big crop estimates, lower prices. December corn futures closed 5 cents lower, pressured by private estimates pegging national corn yield north of 170 bu./acre and total production near 14.5 bln bushels. The market will continue to be weather driven until it gets another snapshot of S&D and production estimates on August 12th. The weather between now and then continues to look great with a few chances of rain next week. New crop soybean futures lost between 23 and 26 cents today, pressured by large production estimates and yield potentials. Some private estimates place soybean yield between 45.8 and 45.9 bu./acre and total production above 3.85 bln bushels. Stories like these are carrying the most weight in the eyes of the market, even in light of strong export demand for new crop soybeans.
Have a great weekend!