PM Comments 8/6/2014
Wednesday, August 6, 2014, 4:08 PM
Submitted by: Joel Pudenz
Corn and soybean futures both enjoyed support throughout the session today, mostly from spillover support and short covering on news of renewed unrest in Eastern Ukraine. Fundamentally, corn didn’t have much reason to rally as much of the western corn belt is receiving some needed rains and ethanol use numbers were lower in this week’s report. Export sales tomorrow are expected to show corn sales of 7.5 to 12 mln bu. old crop, and 23.5 to 27.5 mln bu. new crop. Soybeans closed 14 to 15 higher from spillover support due to unrest in Eastern Europe. Much like corn, the rally ignored the beneficial rainfalls received last night and today. Export estimates are expected to show new crop soybean sales of 31 to 36.5 mln bu.
Have a great night!