AM Comments 8/7/2014
Thursday, August 7, 2014, 8:08 AM
Submitted by: Joel Pudenz
Markets are mixed at the morning break with nearby and new crop corn down 3 cents and soybeans up 1 to 3 cents. The rains we received yesterday pressured new crop corn and bean prices overnight. Russia announced yesterday, in response to recent economic sanctions, they will impose sanctions of their own to ban western imports. This is thought to be neutral/slightly bearish to U.S. commodities. Export sales were out this morning and should be neutral/slightly bearish to the market as well. Old crop corn and bean sales were both on the low-end of estimates. New crop beans were neutral; new crop corn sales were on the low end of estimates.
Have a good day!
Cooler temps continue; near/above average precipitation forecasted in the 8-14 day outlook: