PM Comments 8/8/2014
Friday, August 8, 2014, 2:08 PM
Submitted by: Joel Pudenz
The corn market was under constant pressure today, closing 8 cents lower from improved chances of rain in the northern and eastern corn belts. The USDA report Tuesday is predicted to hold some bearish news as well with some estimating total new crop production at 14.25 bln bu. (170 pba average nationally needed – will the USDA print that big of a number?). A large number is expected as well for soybeans – 3.82 bln bu. with 45.4 bpa average. What propped up soybean prices today then? A tight old crop carryout plus lack of deliveries versus the August futures supported nearby prices. New crop prices gained 6 cents on the day, but forecasted rains and the USDA report next week likely won’t create any supportive sentiment going forward.
On the week:
Dec Corn gained 1.25 cents
Nov Soybeans gained 26.25 cents
Have a great weekend!